Is there bany real point/will it help in the long run

Broken_hearted

Overpaying store cards/credit cards by £3 to £5 a time. as I am tackling one debt at a time, slamming large payments at them. The others are getting just over minimum payment to keep them happy. So for example my barclycard is getting £20 instead of £15, m&s get £30 instead of £26. will this make a big differnce in the long run.

Ali-OK

Hi BH

Oh yes!! Every penny counts!! Once the interest for that month is paid off, you're then taking money off the bottom line, which is what you want. It will lessen the interest too, even though it only might be a few pence, it is worth it. It's just not that visible month by month.

I'm doing the same as you - throwing loads at the highest APR card (which luckily is on 5.5% LOB), but I'm using my current account interest (ok, so only @ £4.50 a month) to throw at the next card, along with the min payment (on 4.95% LOB), but it is making a difference, albeit tiny.

Murtle

it does, but to snowball effectively you should be using ALL you available cash to pay off the highest APR debt. Play around with a snowball calculator to see the difference it makes.

Good luck and congratulations, it's really nice to be able to pay off a debt and see it as gone!!

M

Me_Myself_2

All those £5 and £3 extras should just go to the debt with the highest APR. Over time, it will make a big difference.

mintymoneysaver

Yes, don't bother paying the extra £3 off the smaller ones, pay the absolute minimum and fling an extra tenner at the highest apr.You're still paying it off, but in a better way..

Broken_hearted

Hmm not sure thats what I wanted to hear. Problem is we get money weekly and I'm hopeless at leaving money in the bank so the extra bits go towards they bills that come in that week. The interests vary from a stupid 26% (capital one ) down to 0% ( ones that went to DCA's). Most sit around the 16-20%. I want littlewoods and capital one. Moorcroft refuse my offer so they can wait.

milliejon

If you keep the details of the bill with the highest interest rate, could you just pay over the phone each week?

Murtle

can you not just do an online payment when you know what money you have?? It would be really worth it to get that nasty high one finished.

Good luck

mom23

Hi BB
Ijust make extra payment's online to highest APR which in my case is Barclaycard!!and pay min to the others! (although it hurt's cos before i was snowballing i always paid extra to these!!)

beanielou

Yeah, can you not make a bill payment through your bank account every time you have £2 or £3 spare.It does make a big diff and its not like having to go into the bank and feeling a wee bit silly.Good fun when u get statment and theres a big list of payments of wee amounts.And a reduced balance!!