Dilemma, I have a bonus next month, and wonder about my credit card bill outstanding.
Usually, I get paid, and pay off (some) of my credit card bill, and then for the rest of the month use my credit card to pay my outgoings. I use it for everything - food petrol, shopping, everything, no cash, because it has paid off the previous months bill...Do you see what I mean?
This month I could reverse it, by leaving myself enough in cash to get through the month, and pay the surplus off the bill, so i don't need to use the card at all.
My bill always has a balance left, I'll never repay it, even if i used all my bonus this month, although it would obviously get me further down.
Seriously??? If you have debt you don't really have money IYSWIM, pay it off and look to budgeting in the future. Being debt free is lovely and you feel so much more in control. Be brave, I know you want something nice for yourself, but what nicer thing than knowing you have no outstanding cc bill?
I know i do try to pay off what i have spent, but some months it just doesn't. But I will never be in the position to NOT use it, as this months salary is to pay last months bill. So this month I have the chance to reverse it!
There is a balance of approx £4000 never moved.
Tigi - don't know if you're still reading this but have you looked into doing a balance transfer to a 0% interest card, or a life of balance deal? Then, whatever you are saving in interest would make a bigger dent in the balance. If you were paying say 17% interest on a £4000 balance you would pay approx. £680 interest a year. If you moved to a 0% interest card for a year with a 2% balance transfer fee you would pay £80 interest for the year, so another £600 would go to bring the balance down. See here.