which to pay first

queenofthedump

Hi

I have 2 cards both with approx same amount on them one is 0% apr until jan 07 and the other is life balance at 7.9 and 6.9 % (two balance transfers)

Which one should i pay first ? the apr on 0% assuming I cant change it when 0% runs out ? It then goes on to 15.9 % apr.

Thanks for any help.

Rafter

Marie,

If you are confident about getting another 0% deal in January you may as well pay off the life of balance card. Although it is likely that any payment will clear the 6.9% first - they are sneaky like that!

R.

tee_pee_2

I would pay off the life balance like Rafter said if you are sure you can get another 0% and then try and get both credit cards onto your new one.

You could even be hard faced and ring your 0% and ask them for an extension to the interest free period. I have done that in the past with MBNA and they gave me an extra 3 months at 0%.

nomoneytoday

Always pay off the highest interest rate first...

grumbler

nomoneytoday wrote:

Always pay off the highest interest rate first...

Always? If, for example, you have two debts:

• 0% that will chage to 20% in a month
• 10% for life of balance

what would you pay now? Did you read the original post carefully?

nomoneytoday

grumbler wrote:

Did you read the original post carefully?

I did. I assumed that the poster would have a decent credit line, and would be able to transfer the 0% when it expired. 11 month 0% balance transfers aren't usually given to sub-prime borrowers...

queenofthedump

Thanks everyone i think we will pay off the 0% one first so that if we cant get another 0 % deal I have a card that is empty ready and waiting to transfer what will be left on it. and I found a snowball calculator thin and it shares your advice

Thanks again everyone XXX