Hi all
So I made a silly mistake last year and got myself a credit card. Made the even sillier mistake of racking up money I can’t afford on it, and I’m aware of how stupid that is. However, I’m in a bit of a fix and looking for some smart advice.
I currently have a balance of €2,800 on the card. For the last month or so I’ve only been in a position to pay the minimum payment of €71, however, I can usually put €35 a week to it (I’m paid weekly). The interest is circa €40 pm.
I’m also trying to get my savings up and running. I earn circa €29k a year and have a dependent. I run a car and rent. My outgoings mainly are bills and cost of living/inflation. Ironically, I’m not too with my money, just make silly decisions. I have a car loan also which stands at €9,333 paying €83 a week with the credit union.
My question is this… should I (a) go to the CU and ask for a top up on my car loan (it’s due to be done Nov 2025) and pay off the CC and get rid of it
Or (b) I am due to receive €1,000 bonus at Christmas. A part of me wants to shove that into savings but another part of me is thinking it’ll take a massive chunk off of the card and I just have to suck it up that I lost out on potentially giving myself €1k in savings. Now I suppose for full disclosure, I will probably need to dip into those savings slightly to cover the cost of Christmas.
So what would be the best and quickest way to clear the CC? It might be noted that my rent is going up in January by €150 so id like to get the CC cleared/cleaned up a lot before then.
Thanks in advance!
So I made a silly mistake last year and got myself a credit card. Made the even sillier mistake of racking up money I can’t afford on it, and I’m aware of how stupid that is. However, I’m in a bit of a fix and looking for some smart advice.
I currently have a balance of €2,800 on the card. For the last month or so I’ve only been in a position to pay the minimum payment of €71, however, I can usually put €35 a week to it (I’m paid weekly). The interest is circa €40 pm.
I’m also trying to get my savings up and running. I earn circa €29k a year and have a dependent. I run a car and rent. My outgoings mainly are bills and cost of living/inflation. Ironically, I’m not too with my money, just make silly decisions. I have a car loan also which stands at €9,333 paying €83 a week with the credit union.
My question is this… should I (a) go to the CU and ask for a top up on my car loan (it’s due to be done Nov 2025) and pay off the CC and get rid of it
Or (b) I am due to receive €1,000 bonus at Christmas. A part of me wants to shove that into savings but another part of me is thinking it’ll take a massive chunk off of the card and I just have to suck it up that I lost out on potentially giving myself €1k in savings. Now I suppose for full disclosure, I will probably need to dip into those savings slightly to cover the cost of Christmas.
So what would be the best and quickest way to clear the CC? It might be noted that my rent is going up in January by €150 so id like to get the CC cleared/cleaned up a lot before then.
Thanks in advance!