Repayment idea

A question about : Repayment idea

My very first post!

OK - celebrations over......
I've got a credit card that I've been having to use due to unforeseen circumstances and unfortunately it's a relatively high interest rate. However, rather than keep accumulating interest on it is there I way in which I can use my entire salary when I get paid to pay the card off in full and then just use the card for the month (as my bank acc. will be Ј0). Obviously that means only online/card payments (NO cash) but I can work around that.

Will clearing the balance before the monthly statement reset the interest rate charges to 0?

Obviously as I'm still going to need to use the card for essentials, etc but I'm hoping that I can ease myself of it over two months and have it all paid off.

I hope I haven't made a pigs ear of explaining this.

Thanks very much in advance for any help.

Best answers:

• Technically, this is possible. Ensure that you have left sufficient funds to cover things that generally aren't paid via card (rent, council tax, utilities) and then have at it.
  You will need to be extremely disciplined though, to reduce your expenditure enough over the coming months to essentially wipe out a month's salary worth of debt.
  If you have been using the card well, and have a stable credit history, could you consider applying for a different card and doing a balance transfer to a lower rate?
• It should work. How quickly will the payment show as cleared so you have room on the card for your spending?
  Try and keep spending to a minimum so that it doesn't accidentally exceed your monthly salary.
  Good luck with your plan
• If I were you I'd set up a direct debit to pay the credit card off in time every month so you avoid charges.
  I've started to use a free app on my phone called spending tracker to record everything I spend, as soon as I've spent it, cash or card, it has really helped me, maybe worth a look?
  good luck!
• Thank you all for the comments. Great forum to be apart of and I shall make sure I contribute accordingly.
  I will update this thread in the coming weeks so others who are perhaps in the same situation can get an idea of what works and doesn't.
  Thanks again