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Which is better to pay off first?
npower2003
Posts: 23 Forumite
in Credit cards
I have a life of balance credit card with a balance on it and a 0% till October with a balance on it. Which is better to pay off first? bearing in mind I can't do either very quickly!!
Thanks in advance
Thanks in advance
0
Comments
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Depends
What is the rate of the LOB card? what will the rate be on the 0% card the 0% finishes?
How much can you afford to pay between now and October above the amount of the minimum payments?A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0 -
Hi
LOB is 5.8% and 0% would revert to 15.95% as it stands. Can find at least an extra £50 per month and hoping a bit more.
Thanks again0 -
I have worked it out for you
Take 15.95% divided by 12 months = 1.33%
5.8% (LOB interest rate) divide by 1.33% = 4.36 months
You 0% interest runs out in October so add the 4.36 months onto this figure and if you cannot pay it by say March 2012, not worth transferring.0
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