which one now?

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i have just cleared one of my credit cards whoppppppp!!!

but now i have 3 more which one do i clear next?? i have

hsbc (16.9%) £3700
halifax (16.9%) 2500
Paypal (18.9% but have 10 months intrest free left) £1250

do i clear the highest intrest even though its intrest free? or the hasbc with the highest amount of intrest being paid each month until the intrest free period expires?
Quidco =£446 march 09

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  • Staciep88
    Staciep88 Posts: 590 Forumite
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    i have just cleared one of my credit cards whoppppppp!!!

    but now i have 3 more which one do i clear next?? i have

    hsbc (16.9%) £3700
    halifax (16.9%) 2500
    Paypal (18.9% but have 10 months intrest free left) £1250

    do i clear the highest intrest even though its intrest free? or the hasbc with the highest amount of intrest being paid each month until the intrest free period expires?


    Weldone - its a good feeling isnt it?!

    If you go onto http://www.whatsthecost.com/snowball.aspx and type in your current debts - the min payments and how much you have to spend each month on repaying them - it will tell you the best way to pay the debts (ie. the quickest and the way that will save you most in interest)

    Let us know how you get on...
    xXx
  • marsden_pete
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    debt free date of april 2013 and it said to pay off the paypal first! thanks for the site! i need to clear as much as possible because come feb im looking to buying a house!
    Quidco =£446 march 09
  • sarahs999
    sarahs999 Posts: 3,751 Forumite
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    I never really understand that thing of paying off the highest interest debt even though it's interest free. Surely it's better to pay off the ones that are costing you money right now? You woudl still be making payments to the interest free one and you mgiht be able to reduce it quite a bit by the time the interest free period ended...

    Can you BT your 16.9s to any other cards with a 0% deal?
  • marsden_pete
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    thats what i was thinking surely it would be better to pay off the hsbc with the highest amount of intrest? then concentrate on the paypal when the intrest free period kicks in? is it worth applying with looking at getting a house in feb and if so which ones are the best?
    Quidco =£446 march 09
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