Unsure whether to sell car to clear debts - Hi all, looking for advice on my situation not my previous decisions please.
I’m 22 y/o and have around £3.5k in credit card debt at the minute, and own my car worth ~£21/22k outright. I’m still living at home, for the next few years until I have enough to move out and rent/buy. It’s not the cheapest on fuel being a 2 litre and also potentially going travelling next year for 3-6 months and going into the military so will be doing a lot of driving. Is the best option for me to sell my car and buy cheaper using the rest to clear my debt? Was thinking of using £10k or so for a new car, clearing my debt and sticking the rest in an ISA. (I have student loans etc but not including those for now).
Many thanksPersonal Finance
Unsure whether to sell car to clear debts - Hi all, looking for advice on my situation not my previous decisions please.
I’m 22 y/o and have around £3.5k in credit card debt at the minute, and own my car worth ~£21/22k outright. I’m still living at home, for the next few years until I have enough to move out and rent/buy. It’s not the cheapest on fuel being a 2 litre and also potentially going travelling next year for 3-6 months and going into the military so will be doing a lot of driving. Is the best option for me to sell my car and buy cheaper using the rest to clear my debt? Was thinking of using £10k or so for a new car, clearing my debt and sticking the rest in an ISA. (I have student loans etc but not including those for now).
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