Maxed Out Credit Cards

loveandlight

I only owe £1200.00 on my 2.9% card whereas I owe £5500.00 and £10,000 on the ones at 22.9%. I remember Martin Lewis saying in the past that sometimes it is much better to clear the lowest one first if the balance is the lowest. In addition it also has huge psychological value which in my circs he is absolutely right.

I've got the info I wanted now, so as this thread has now started to nosedive in the quality of the people posting, I shan't be checking it for replies anymore.

My thanks to you all except jonesMUFCforever.

Wutang_2

loveandlight wrote: »

My thanks to you all except jonesMUFCforever.

Whats that all about???

MFWannabe

loveandlight wrote: »

I only owe £1200.00 on my 2.9% card whereas I owe £5500.00 and £10,000 on the ones at 22.9%. I remember Martin Lewis saying in the past that sometimes it is much better to clear the lowest one first if the balance is the lowest. In addition it also has huge psychological value which in my circs he is absolutely right.

I've got the info I wanted now, so as this thread has now started to nosedive in the quality of the people posting, I shan't be checking it for replies anymore.

My thanks to you all except jonesMUFCforever.

But do you have any available credit on the 2.9% card that you could move some of the higher interest amounts on to?
that would make more sense.
I can see that you would feel better about getting rid of one of the cards; but this would cost less in the long run and your original post did ask about moving some of the higher interest amounts to another 0% or low interest card?

redpete

Mozette wrote: »

Perhaps the OP supports Man City?

Maybe, but more likely knew the answer they were looking for and took anything else as a personal insult.

jonesMUFCforever

loveandlight wrote: »

I only owe £1200.00 on my 2.9% card whereas I owe £5500.00 and £10,000 on the ones at 22.9%. I remember Martin Lewis saying in the past that sometimes it is much better to clear the lowest one first if the balance is the lowest. In addition it also has huge psychological value which in my circs he is absolutely right.

I've got the info I wanted now, so as this thread has now started to nosedive in the quality of the people posting, I shan't be checking it for replies anymore.

My thanks to you all except jonesMUFCforever.

To each his own but the reality is this :
Interest on £1200 at 2.9% for a year would be £35 approx.

Interest on £15500 at 22.9% a year would be £3550 approx.

So in simple terms you have to pay the equivalent of £70 per week in interest just to stand still - so it stands to reason to throw absolutely every spare penny on the highest charging cards first and the minimum on the rest.

PNPSUKNET

jonesMUFCforever wrote: »

To each his own but the reality is this :
Interest on £1200 at 2.9% for a year would be £35 approx.

Interest on £15500 at 22.9% a year would be £3550 approx.

So in simple terms you have to pay the equivalent of £70 per week in interest just to stand still - so it stands to reason to throw absolutely every spare penny on the highest charging cards first and the minimum on the rest.

I agree, always start with the highest apr.

YorkshireBoy

jonesMUFCforever wrote: »

To each his own but the reality is this :
Interest on £1200 at 2.9% for a year would be £35 approx.

Interest on £15500 at 22.9% a year would be £3550 approx.

So in simple terms you have to pay the equivalent of £70 per week in interest just to stand still - so it stands to reason to throw absolutely every spare penny on the highest charging cards first and the minimum on the rest.

100% agree.

There's also a secondary benefit to doing that...and it fits PERFECTLY with the OP's concern that they appear to be maxed out. It'll create some much needed 'headroom' on these cards, and give the impression to other lenders that things are more in control than they actually are.

As it is, the OP might pay off the £1,200 card and close it. She'll then appear even more maxed out, having only 2 cards...both maxed out.

You can lead a horse to water...

Anyway, the OP isn't coming back but hopefully others will benefit from the discussion that continued after she left.