Major debts - all advice needed!

jobelle

hi has anybody got any further advice for helping me manage the current debts, ive done my budgets etc i just want to know now what i can possibly do to help shave off the interest?????

all_hours

Put the debts into the snowball calculator and it will tell you what to pay off first, how much interest you pay and give you a debt free date. Do the calculator again adding an extra £50 or £100 to the repayments and you'll see the amount of interest you pay come down - it's very motivational

http://www.whatsthecost.com/snowball.aspx

Once you've transferred the CC to M&S you'll see a difference in the interest you pay. Don't forget the minimum payment for M&S is 3% of the balance - so you need to budget for this.

You tackle the debts starting with the highest interest first.

The first goal would be to get your spending down so that you don't go into the unauthorised overdraft and pay the very high interest. Next would be the overdraft then after that the loan. Look at the terms of the RBS loan and see if you can make overpayments.