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What to clear first?
SparciaM
Posts: 586 Forumite
I have 5 CCs as shown:
FD £854 @ 5.9% LOB
Mint £1300 @ 0% till March 09
Virgin £3700 @ 0% till Aug 09
Citi £1350 @ 0% till July 09
Amex £800 @ 15.9%
I've been saving frantically to get a lump sum/sums to clear some debts and get rid of some and was wondering the best way to do it. Once my fixed savings finish (Feb 09) I should have between £1200 and £2300 pounds to throw at my cards, maybe even a little more. Now this what I'm thinking:
Don't touch the FD card, as 5.9% for LOB is a good rate if I can't get another 0% to BT to. Clear Amex card and then the rest to Mint as finishes early. - All of this IF I can't get another 0% to BT to.
OR
Should I try and clear the Virgin card? As I hear that they really rank up the interest rate once the 0% ends.
Question is: If I can't get another 0% card around March/April 09 to BT across to then what should I clear first? I did do a snowball, but would like personal opinions/advice as well. Every little helps, as they say.
FD £854 @ 5.9% LOB
Mint £1300 @ 0% till March 09
Virgin £3700 @ 0% till Aug 09
Citi £1350 @ 0% till July 09
Amex £800 @ 15.9%
I've been saving frantically to get a lump sum/sums to clear some debts and get rid of some and was wondering the best way to do it. Once my fixed savings finish (Feb 09) I should have between £1200 and £2300 pounds to throw at my cards, maybe even a little more. Now this what I'm thinking:
Don't touch the FD card, as 5.9% for LOB is a good rate if I can't get another 0% to BT to. Clear Amex card and then the rest to Mint as finishes early. - All of this IF I can't get another 0% to BT to.
OR
Should I try and clear the Virgin card? As I hear that they really rank up the interest rate once the 0% ends.
Question is: If I can't get another 0% card around March/April 09 to BT across to then what should I clear first? I did do a snowball, but would like personal opinions/advice as well. Every little helps, as they say.
0
Comments
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I think amex and mint, then you can use your min repayments for these to pay against virgin in future.LBM 10/08 £12510.74/0
-
I would pay in the order you are thinking...Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £171.8K Equity 36.37%
2) £2.6K Net savings after CCs 10/10/25
3) Mortgage neutral by 06/30 (AVC £27.9K + Lump Sums DB £4.6K + (25% of SIPP 1.25K) = 34/£127.5K target 26.6% 10/10/25
(If took bigger lump sum = 60.35K or 47.6%)
4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise) (If bigger lump sum £15.8/30K 52.67%)
5) SIPP £5K updated 10/10/250 -
I would pay get rid of the Amex first, and then the Mint. How about setting up standing orders to the other accounts for a fixed amount eg. £25 to your FD account so you are slightly overpaying every month, rather than a DD for minimum. (This is assuming you don't do that already!)
0 -
I agree with the other posters
Don't know if you have the link to the snowball calc so here it is:A
http://www.whatsthecost.com/snowball.aspx?country=ukPROUD TO BE DEALING WITH MY DEBT NERD #869
DFD 5/1/16Numpty,Not sure why but I'm crying
. Of all the peeps on this board you're the kindest & most supportive of all & I'm :mad: & 
for you all at the same time . Wish I was there to give you a big :grouphug: & emergency hobnobs
xx0
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