Credit card loan help

james.miller said:
no, you should use debt to your advantage. credit ratings are important and the easiest way to improve them is to demonstrate you can manage debt ie, by paying a card off in full each month like the OP does. if you dont, it makes things like borrowing money when you really need it much harder to do.
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:confused:
Teaching some one to manage money, is better than teaching them to manage debt.

"Hey, I managed to save up some money recently, you wanna go parachuting or some thing this weekend?"
"Sorry mate got no money, I having to bust my ass all week to pay off this debt"

Hmmmm
 
What phone are you after anyway?

Getting a Very.co.uk account and putting it on BNPL may work out cheaper for you, you can put it on BNPL for 12 months and as long as it's paid off before the 12 months is over you pay 0% interest.

Also if you want an iPhone they are currently doing 10% credited back to your account, so basically 10% off.
 
stopper said:
:confused:
Teaching some one to manage money, is better than teaching them to manage debt.

"Hey, I managed to save up some money recently, you wanna go parachuting or some thing this weekend?"
"Sorry mate got no money, I having to bust my ass all week to pay off this debt"

Hmmmm
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Got a mortgage?
 
stopper said:
:confused:
Teaching some one to manage money, is better than teaching them to manage debt.

"Hey, I managed to save up some money recently, you wanna go parachuting or some thing this weekend?"
"Sorry mate got no money, I having to bust my ass all week to pay off this debt"

Hmmmm
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managing money is about being smart with money, not avoiding debt. debt is only an issue if you cant afford to manage it. Using it to your advantage doesnt cost you anything and makes it easier to borrow in the future. It's a fool's game avoiding credit cards because dept is a big scary word - it does you no favors.
 
james.miller said:
no, you should use debt to your advantage. credit ratings are important and the easiest way to improve them is to demonstrate you can manage debt ie, by paying a card off in full each month like the OP does. if you dont, it makes things like borrowing money when you really need it much harder to do.
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Granted, but you can do all that without blowing a massive wad of cash on a luxury item. Which later might come back to haunt you when you circumstances change and you're stuck paying it off with a high rate of interest.
 
Gigabit said:
Paying off a card in full every month, how long will it take my credit score with Experian, etc. to increase? I know it's a somewhat meaningless score but I still consider it a good target.
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I use noddle, my (pretty meaningless) score went up in about 3-6 months by getting a CC and paying it off every month. IF you pay it off, then it doesn't matter what the interest is...
 
norm said:
Granted, but you can do all that without blowing a massive wad of cash on a luxury item. Which later might come back to haunt you when you circumstances change and you're stuck paying it off with a high rate of interest.
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if he can pay it off without interest then it makes no difference :)
 
Uther said:
Got a mortgage?
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That's generally different though.

Maybe it's just me but there are two debts that are "worthwhile" - a mortgage so you can own somewhere to live outright when it is paid off; and a student/Career Development Loan, so you can better yourself and earn more money.

All the rest, like car payments, credit cards etc. are generally superfluous luxuries.

There are also other reasons they shouldn't be treated the same. A mortgage payment is usually in lieu of rent, which can easily be more expensive. Payment of a student loan depends on whether you can afford it, and is taken out as a capped tax, so you don't see it anyway, and if you do lose you job/end up on a low income you don't pay it at that time.
 
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