Snowballing question???

fergyxx

Okay, here's the predicament:

I know that you can snowball to pay off the card with the highest interest rate first, or alternatively in balance order.

I have been thinking of combining the two slightly. I will explain this in more detail.

My card with the lowest balance, is also the one with the lowest interest rate, so if I snowball according to interest rates, this is the last card that I would pay off.

However, I don't know whether it might be worth my while, paying it off first (as it has the lowest balance) and then transferring the balance over from my highest interest credit card?

Do you know what I mean here? and do you think it would be worthwhile, or is it a case of 6 and half a dozen?

I could have the lower interest card paid off in around 6 months.

I don't need specific info, just a general opinion to see if anyone else has snowballed along with doing balance transfers (between the cards they already have)?

Thanks in advance

firesidemaid

it would help for you to include:

debt amount
rate
minimum payment

plus what potential there is for low rate balance transfers and how long that would be over

Airwolf1

Can't you just transfer both balances into a 0% one? Isn't virgin doing this for 16 months now?

But don't be tempted to build up the debts again if you do this, set up a monthly direct debit pay off in full.

fergyxx

My credit rating isn't great at the moment, and I really don't want to take on any more cards.

I'm learning the hard way and trying to pay them off once and for all.

Gemmzie

Yeah, we did things this way when we couldn't get any further cards. Sometimes they aren't interested but sometimes they'll give you ten months at 0% or similar.

It can be a good move, we got everything at under 4% by doing this.

Numpty_Monkey

My impression of what you are on about is called "stoozing"

Martins Stoozing Calculator

might help