Advice/Guidance Needed Badly

thyme_2

Hi Poz,

There are two ways to snowball debt. Pay off highest interest
then 2nd highest etc as it costs you more or pay off the smallest
debt total - pyschologically makes you feel your achieving as it
is quicker. Pay slightly more than minimum so 3 are reducing -
keep to those payments as minimums reduce so you effectively
pay those off quicker too while you pay maximum on your 1st.
When you've paid off the 1st debt put all the money you were
paying on 1st onto the 2nd. As interest per month decreases
so will yr minimums on each card so by keeping to same paymt
you are reducing the debt faster!! Hope that help.

poz_newbie_sel

thyme wrote:

Hi Poz,

There are two ways to snowball debt. Pay off highest interest
then 2nd highest etc as it costs you more or pay off the smallest
debt total - pyschologically makes you feel your achieving as it
is quicker. Pay slightly more than minimum so 3 are reducing -
keep to those payments as minimums reduce so you effectively
pay those off quicker too while you pay maximum on your 1st.
When you've paid off the 1st debt put all the money you were
paying on 1st onto the 2nd. As interest per month decreases
so will yr minimums on each card so by keeping to same paymt
you are reducing the debt faster!! Hope that help.

Cheers Thyme - I've read about snowballing and plan to use it. But are there any good zero or life of balance transfers around at the moment that I should be taking advantage of that you or others reading this can recommend? And any recommendations on how to split the total amount between different cards??? Thanks again

thyme_2

Hi Poz,

I forgot the most important - our of all your income you have GOT to find some savings so that you will not repeat not use any credit cards because that will
just create more problems and it is a hard slog. Sell any items that you do not use.
See if you can do extra work - know that might not be easy but if you only do some extra for a short time you could but all that earnings to pay down. And give yourself
a small cheap treat when you reach a target. Outings to cheer yourself up do not have to cost or cost much so search out for things you can do to ease the journey!