Ok im planning to save about £3000 for a trip to asia, hoping to leave early next year. Probnlem i I also have about £3000 of debt, does anyone no if there is anyway to put debt on hold for say 8 months and then start paying it off again when I get back? Its all on credit cards byt the way!
Your friendly CC company will likely be more than happy to put your debt on hold, it will only increase their interest revenue
Obviously there is no such thing as putting a debt 'on hold' without paying interest. Economy 101. If you want my advice, pay off your debts before embarking on prolonged travelling, unless you know you will be returning to a very well-paying job.
[ Edit: Edited on Aug 7, 2008, at 5:04 AM by bentivogli ]
Id pay off my debt first if I was willing to save for another year but the fact is im not!
I want to travel so bad I think im just going to risk it, travel then worry about the debt when I get back.
Dunno what age and educational background you have, but that sounds like a fine recipe for a very difficult start to me
im 24, I have a degree in Computer Animation and have a worked for 2 years as an architectural 3d visualiser. I no it would make more sence to wait a bit longer and then go traveling when I have no debt but I so badly need a change of scenery.
The other thing I suppose I could do is get a job abroad doing what I do now, save a bit of money and then continue my travels, only thing is that im not to sure how much call there is for what I do abroad.
I hate money it drives me mad!
You might pick up some work. But it won't pay as much. Then again that all depends on where you travel to. Australia might have a need. But in the developing world you could get away teaching IT for accommodation etc. India would be a place looking for 3D teaching and work I would imagine.
Well I guees the other thing I could do is save enough to pay the smallest amount I need to off my credit cards each month, would prob only cost me £400 for an 8 month trip, lord knows I dont pay off anymore than I have to at the moment.
I'd certainly advise still trying to pay the minimum balance each month, even when travelling. Just add it into your budget. But it will make things much simpler longer term, and also mean that you can keep teh card with you to use in emergencies (which, if you are not paying at least the minimum each month, you can't)
Yeah i def think I should still pay the minimum I should still be able to budget it in there somwhere with not to much trouble.
screw that, go to asia....its only a few months...
You have the rest of your life to pay off a stupid credit card...
just have enough to pay the min or the interest and just start paying it again when you get home....definately dont cancel your trip
[ Edit: Edited on Aug 7, 2008, at 8:32 PM by El Boot ]