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Save for divorce or repay credit card?

3 replies

Stealthynamechange · 19/06/2020 14:12

Hi all

Hoping someone can give some thoughts on this.

I will be applying for divorce in november (2 year separation)
I currently have a loan (12900) credit cards (6018)
I have 510 in savings
I pay 200 pcm off my loan, 240 credit cards 220 into savings account.
My credit cards are 0%, loan is over payment (i think min is 160)
Any extra im currently throwing at my credit cards.
My question is should i use my savings money towards my credit cards? This will mean using credit cards to pay for my divorce?
Any thoughts?
Thank you

OP posts:
Stealthynamechange · 19/06/2020 17:28

Anyone? Or is it swings & roundabouts?

OP posts:
Isleepinahedgefund · 20/06/2020 09:47

Presumably the 0% will run out at some point. Are you on track to repay them within the 0% period with your current payments?

If you use the cards for your divorce you will end up paying interest on what you borrow.

Personally I would keep saving and use ready cash for the divorce- that way even if your current 0% expires before you've repaid the balances it will be cheaper for you in the long term.

Anyway, it's always best to have some cash in the bank for emergencies rather than having to rely on credit cards.

Stealthynamechange · 21/06/2020 09:19

Thank you, yes you are right its good to have cash available.

i think i feel in a bit of a mess with money at the min & am worried about paying for my divorce.

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