It will be GONE !!! Part Two

DebtFree2012

Hi HWG
Am subscribing to your diary
Keep up the good work!
I feel your pain over the which to pay first dilemma! I have changed my mind as often as my socks as the saying goes....I think i have settled on an answer...for now!
xx

Herewego

I know what you mean and then when a statement arrives it all changes again, just waiting on DH statement to complete my total of interest charged this month.
Forgot to mention Friday transfer was £3.50 this week so total now £8.67. I am also still saving my £1 a day for xmas spends as that helped so much at xmas.

rustysmart

Been thinking about your 'which card to clear' dilemma this week and think you should start with the smallest. When I had two loans (both at the same %) I opted for the lowest debt first and I can tell you I felt great when it was cleared, it then spurred me on to clear the other one sooner too. At the time of clearing my first loan I still had £6000 to repay on my other loan, but that didn't bother me too much because I knew it was one less to worry about. For me it wasn't the amount of debt but the number of debts that was my fear. Hope this helps.

DebtFree2012

I think what I have found so daunting and annoying is that my balances will add to xx and I will pay £500/600 to them only to have paid off £100 or something stupid. These figures are obv not correct but you get my meaning. What I pay compared to actual debt reduction after interest sickens me. That's partly why I keep changing things but I'm also concious that if I flit from one to the other I may be doing more harm than good - decisions!

I am the most impatient person which is probs also why I change my mind as I always want to feel like doing something more than I was yesterday to clear debts.

That's a great idea re your Friday tranfers, do you find it's helping or too soon to comment?

Herewego

I have been toying with that too although i did clear 6 debts last year, my worry is if i clear Tesco card first I have closed this card so there is no oppertunity for BT. If I clear Mint it may offfer a BT so i can try to keep as much debt on 0%.
The Lloyds card I have just cleared sent my statement in yesterday this should now be closed but it is showing £6500 available and 0% for 6 months thinking of moving DH card to this but knowing Lloyds they will decline it as soon as i get my hopes up.

rustysmart

I've closed 3 credit cards in the last 18 months and all of them offered me 0% as an incentive of staying - this is something to consider because they won't want you to go. The other thing to think about (and somewhere I could have saved) is the balance transfer fees - would it be worth going on a non-0% card with low balance transfer fee for the life of the debt??

Herewego

DebtFree2012 wrote: »

I think what I have found so daunting and annoying is that my balances will add to xx and I will pay £500/600 to them only to have paid off £100 or something stupid. These figures are obv not correct but you get my meaning. What I pay compared to actual debt reduction after interest sickens me. That's partly why I keep changing things but I'm also concious that if I flit from one to the other I may be doing more harm than good - decisions!

I am the most impatient person which is probs also why I change my mind as I always want to feel like doing something more than I was yesterday to clear debts.

That's a great idea re your Friday tranfers, do you find it's helping or too soon to comment?

I am so impatient I would say choose the card with the highest interest and then just go for it pay every penny you can to it I did this with a Virgin card last year and it felt so good to see it go down. I also registered my cards online so i caould see what was going on all the time.

Im loving the friday transfer not sure what i am going to spend the money on probably debt or maybe a treat plus i dont miss it and i have a thing about round things up just hate the odd pence

Herewego

rustysmart wrote: »

I've closed 3 credit cards in the last 18 months and all of them offered me 0% as an incentive of staying - this is something to consider because they won't want you to go. The other thing to think about (and somewhere I could have saved) is the balance transfer fees - would it be worth going on a non-0% card with low balance transfer fee for the life of the debt??

Its definatley worth looking at I think i have too much credit available to look at new cards at the moment and I have £10k on 0% at the moment which is better than where I was. I will close all but one once the dreaded debt is gone I dont need the temptation.

rustysmart

Yeah the temptation is awful, I've lost count of the number of times I have opened a new 0% card and then spent on it creating more debt!!

Herewego

I agree probably a few ££££ of mine are from that, I would like to think I have learnt my lesson now