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Paying off a credit card?

  • 12-01-2009 12:09pm
    #1
    lisajane
    Closed Accounts Posts: 585 ✭✭✭


    I have a credit card which i hate. I just want to get rid off it. I hardly use it anymore and it seems as if im just not clearing it. I pay off as much as i can but some months i can only manage the minimum.

    What's the best way to pay it off? Would they let me cancel it and pay it off weekly/monthly? Or should i get a loan?


Comments

  • #2
    kmick
    Registered Users, Registered Users 2 Posts: 3,375 ✭✭✭kmick


    Get a loan. The interest rates will be lower if you do your homework and you can set your monthly repayments and take it out direct debit.


  • #3
    Ogham
    Registered Users, Registered Users 2 Posts: 1,844 ✭✭✭Ogham


    Try and transfer the balance to another card that offers 0% interest for the first 9 months or 6 months - and try to pay it off before the interest kicks in again.
    First Active and Ulster Bank offer 9 months interest free credit on balance transfers.

    Halifax Tesco and Bank of Ireland offer 6 months interest free credit on balance transfers.
    NIB Visa card has 5 months at zero interest on balance transfers.


  • #4
    ntlbell
    Registered Users, Registered Users 2 Posts: 16,288 ✭✭✭✭ntlbell


    yup transfer to 0% and get as much off it as you can in the 6 months


  • #5
    eth0_
    Registered Users, Registered Users 2 Posts: 10,846 ✭✭✭✭eth0_


    I would say get a loan. Most people who do a 0% balance transfer end up spending on the card, it's a vicious cycle.


  • #6
    ntlbell
    Registered Users, Registered Users 2 Posts: 16,288 ✭✭✭✭ntlbell


    eth0_ wrote: »
    I would say get a loan. Most people who do a 0% balance transfer end up spending on the card, it's a vicious cycle.

    cut it up


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  • #7
    eth0_
    Registered Users, Registered Users 2 Posts: 10,846 ✭✭✭✭eth0_


    ntlbell wrote: »
    cut it up

    You can still use the card online even if you cut it up, and especially if your online banking allows you to transfer cash from the card into your current account.

    I'd only advise the OP to get a 0% card if he/she is very very sure they won't just run up further debt.


  • #8
    10000maniacs
    Registered Users, Registered Users 2 Posts: 5,163 ✭✭✭10000maniacs


    Sell your car, pay off your loan and cut up your card. Use cash from here on in. It might sound drastic, but it works. Only buy what you can afford in cash.;)


  • #9
    ntlbell
    Registered Users, Registered Users 2 Posts: 16,288 ✭✭✭✭ntlbell


    eth0_ wrote: »
    You can still use the card online even if you cut it up, and especially if your online banking allows you to transfer cash from the card into your current account.

    I'd only advise the OP to get a 0% card if he/she is very very sure they won't just run up further debt.

    aye very true.


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