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Advice please- Which debt to pay off first
fluterbye
Posts: 3 Newbie
Hi everyone please can you help.
Due to an unexpected boiler repair and lack of control over my spending I have got my self into a mess. I would like to know what debt to pay off first. I want to get out of debt and have some control over my spending before it gets worse. Please can you suggest which debt to pay off first.
My debts are below:
My debts
Credit Cards
Capital One £548.36 interest 14.89% Credit Limit £1,500
Virgin ££590.71 interest 0.00% until 16/08/11 Credit limit £1,000
Bank Overdraft
£423.50 interest 1.46%
Thanking you
Flutterbye
Due to an unexpected boiler repair and lack of control over my spending I have got my self into a mess. I would like to know what debt to pay off first. I want to get out of debt and have some control over my spending before it gets worse. Please can you suggest which debt to pay off first.
My debts are below:
My debts
Credit Cards
Capital One £548.36 interest 14.89% Credit Limit £1,500
Virgin ££590.71 interest 0.00% until 16/08/11 Credit limit £1,000
Bank Overdraft
£423.50 interest 1.46%
Thanking you
Flutterbye
0
Comments
-
Is 1.46% interest on overdraft monthly? Seems very low for an APR... that would make the APR 17.5% which sounds more likely.
Always pay the highest APR first, ie. Capital One (or the overdraft if above is right), but make sure you keep up with minimums on the others in the meantime.
DEBT FREE 3rd Sept 2011 
(Debts at highest £15.8k Nov '08)
Student Loan paid off July 2014
First Direct Regular Saver #2: £2700 ** Santander 123: £13,106
Car Insurance/Tax Fund: £305 ** Present Savings: £525 ** Disneyworld Fund £1000 -
This is a great website that has helped me work out how to pay off my loans and credit cards:
http://www.whatsthecost.com/snowball.aspx0 -
Thanks Dreamdreamer and Jox. Dreamdreamer my overdraft interest rate is 17.5% I missed read statement and looked at monthly interest rate rather than APR.0
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