Help Required

Jaymz

Kevicho wrote:

is that in the good sense of that phrase?

I dont want to be handing out bad advice lol

I think its in good sense and I would certainly do that first of all and then cut the old card up!

grendal

Hiya folks and, wow, thanks for the interest.

Generally, my outgoings are as follows:
Housekeeping (this goes to a joint account my wife and I have) £600
Mobile Phone £50 (two phones, one £9.17 per month, the other £38 line rental. I rounded it up to catch any unexpected expense but am being quite cautious with how I use it at present)
Miscellaneous £20 (I have a few magazine subscriptions which a tri-monthly and a monthly charge of £7 on my bank account)
Taking out the £900 for the debts that doesn't leave me with much but enough to cover travelling costs and the entertainment expense.

My circumstances have sort of changed. I've been married for 2.5 years and just had a little boy and so I now wanna clear the debt for him really, I'd like to be able to give him as much as I can and I never wanna be able to say No to him because I can't afford it.

So, a few of you have said move the Marbles card to the 0%. Would you do that instead of putting the loan across 0% cards? I suppose 6.1% is lower than 14.9% but yet when you consider that my loan is £14500 and my Marbles card is £3000 would I really be saving that much (or anything)?

grendal

Oh, and that's ok pot'o'gold

Thefunkygibbons

You hit the highest rate first, because evey penny counts, so hit Marbles to clear and then move the loan for the balance of your egg card

HOWEVER, this is only worth doing if you can be sure that you will be able to roll over the egg card when it matures, otherwise leave the Tesco loan alone. Instead save in a high interest account to clear the egg card when it becomes interest paying

loubie_lou

I can see em' ;-)

frugglewump

Yes move the marbles first

Try the snowball calculator (link below) where you move the marbles vs the loan to see the effects.

http://www.whatsthecost.co.uk/snowball.aspx