Clearing CC vs inceasing SSIA contributions

M

mickaxe

Registered User
Messages
37
Hello,

I currently have a credit card with an outstanding balance of €2805.88.
16.8% APR fo purchases.
Only paying minimum repayment each month. I also have an SSIA deposit acc w/ BOI - paying €50 p/m into this - SSIA matures on May 2007.

My question is this:

Should I try to clear the balance on the credit card asap or try to increase contributions to the SSIA for the remainder of its life?

Thanks.
 
Transfer your CC balance to a CC with a zero % rate for new balance transfers.

Then pay as much as you can possibly afford into your SSIA, with anything left over going off the CC.

When the zero % CC offer runs out (see the best buys list on this site for zero % offers, and how long each one lasts) change to another zero % CC provider until your SSIA matures, then use some of the proceeds to pay off your CC balance.

If you contribute an extra €200 p/m to your SSIA till May 2007 the government will give you - for free an extra €750!!
 
Definitely the former. And if you don't cut up the card, at least put it away until you've cleared that balance or reduced it significantly.
 
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