6k debt on 4 years interest free credit - opinions

[User200001]

This was spent on our house. We have managed to get 4 years interest free on a credit card and makes the payment around 140 a month.

I feel guilty about going on holidays or doing anything nice. Has anyone been in this situation?

Why are you feeling guilty?

We've just put in a new kitchen and have £15k on a three year interest free deal. The monthly payments aren't an issue. There isn't really the option to pay it all back in a lump if we chose to. And as there's no interest, it's not costing any more.

I'm sure people will be along shortly to tell you that even 10p of debt is irresponsible, they'd never have a credit card and pay for everything in cash.

But I am firmly of the belief that sometimes debt is the sensible option and that certainly appears to be the case for you. Pay a bit more each month if you want to get the balance paid off quicker. But I certainly wouldn't be depriving myself of everything to do so.

Depends on your situation. If you have uncertain jobs or are struggling, then maybe you should look at paying back the credit card faster, but if your jobs are secure or there are other cutbacks that you could make elsewhere, then don't worry about it. It's not costing you anything.

You could even profit a little from the operation and buy yourself a safety net, by paying only the minimum and putting the rest in a savings account with the aim to pay it off at the end, or make payments if you need to take a break. You might also be able to roll the debt over onto another card after 4 years.

A lot of us have been doing it for years. Look for a card with no interest and no fees, whack a load of debt on it or do a balance transfer and put the money to pay for it in a savings account. It's not as lucrative as it used to be due to low interest rates, but you can make a few hundred quid a year out of it.

Work out how much you need to pay each month to clear the whole debt within the interest free period
which will be significantly more than the minimum on the card.
Set that up as a standing order every month
and then enjoy the rest of your money however you like

Thanks, the 140 a month would have it paid off within the interest free time frame. We save about 3-400 a month and would rather use this for holidays and meals out etc.

So often people say any debt is terrible and it does make me feel guilty about the credit cards not being the full priority!