Tom J
Organiser: South Wales
Premium Member
Registered: 8th Sep 03
Location: Bridgend
User status: Offline
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im going to be getting 1800quid soon, but i have about that on various credit cards, and i will be needing a deposit on a house in around 18 months. i've been told to save it for my half of the deposit (missus will pay other half) and depending on house price may need a bit more. i can either 1) pay off my cards so im not paying interest, then try and put 100 quid a month away, or 2) put the 1800 away in a savings account, and try and pay the 100 quid off each month on my cards.
im thinking option 1 as i will save on interest charges, any other ideas 
[Edited on 30-01-2007 by Tom J]
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mav
Member
Registered: 19th Jun 01
Location: Scotland
User status: Offline
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pay off the cars..simple mate...If you are not paying the cards is easier to save...
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corb
Member
Registered: 24th Apr 02
Location: Calgary, Alberta, Canada
User status: Online
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1st option but make sure you actually save and expect to need a larger deposit than that!
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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can you not move your money to a new credit card that offers 0% interest on balance transfers for so long? This way you can put away the £1800 and then pay off the credit cards as you would normally...with no interest.
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Tom J
Organiser: South Wales
Premium Member
Registered: 8th Sep 03
Location: Bridgend
User status: Offline
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cant get another card with interest free due to credit limit i've already got, tried getting one but got declined. cprb i know i'll need more than 1800 deposit the missus will have at least the same again if not more, and my mum has offered to help a bit as she did with my brother. will probably be about 5K deposit as will be buying something under 100K
[Edited on 30-01-2007 by Tom J]
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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Id get whatever limit you can ona new card and use that. Even if its only £500, it'll be £500 less your paying interest on every month.
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topshot_2k
Banned
Registered: 1st Dec 03
Location: Northampton Drives: Pug GTi-6
User status: Offline
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my deposit was is currently at 13,900 or 10% so we dont have to pay higher lending charges etc
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a_j_mair
Member
Registered: 23rd Jan 04
Location: Scotland
User status: Offline
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pay off your credit card as are paying more intrest on the borrowed money than you are on the money you are saving
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