Overtime guaranteed

Algorfa45

Hi i have guaranteed overtime for as long as i want so this means I will have a extra £250 to throw at my depts which stands at the moment.

Abbey loan 8668.71 @ 7.90 pymnt £264.97 to run for 3yrs 1mth
N/Rock 4883.04 @ 5.70 pymnt £287.24 to run for 1yr 8mth
barclays 4002.66 @ 6.9 pymnt £95.00 till clear

Credit card 1 £6363.91 @ 16.90 pymnt at present min £103.00 per mnth
Credit card 2 £3636.64 @ 16.90 pymnt at present min £58.00 per mth
Credit card 3 £1347.78 @ 12.00 pymnt at present £50.00 per mth

Grand total £28,902.72

What do you think would be my best way to get this lower please.

Thanks for looking

Tixy

If you are meeting your minimums I'd suggest throwing it all at credit card 2, its equal highest in terms of APR and the lower balance at that APR.


The other thing you might want to consider is whether you can move any of the 16.9% debt to the 12% card. What is the limit on card 3? have you looked into what fee you would pay to transfer a balance? and whether it works out as worthwhile financially?

You could start thinking about whether if you move as much of card 2 onto to card 3 as you are able and then use the overpayments to totally clear card 2, the card 2 provider might give you a promotional deal to keep you as a customer, and you could then transfer the card 1 balance to the empty card 2 for a lower APR. Obviously this would depend on who the provider of card 2 is, and whether you have always paid that card on time - but there is a thread on the credit card board titled 'unofficial existing customer balance transfer offers' which might give you an idea as to whether your card 2 provider is likely to offer such a deal.

LeeSouthEast

Definitely a snowball moment. Throw them all to minimum, throw every excess penny at card 2. When cleared, attack the next highest APR and so on.

Algorfa45

Thanks tixy, Cards I told them to stuff it where the sun dont shine as they wanted to up the interest so when clear no more cards so when i am clear if we cant afford it we cant have it.

Thanks leesoutheast I will follow your advise seems the best option if I can throw more I will the more the better.

I can then enjoy life

all the best