Lightbulb moment but what debt to concentrate paying off?

Eddie_Catflap

Hello and good afternoon everyone

I have just found this excellent site after having it recommended to me by a friend and I've found the debt free wannabe thread to be very inspirational. I am finally resolved to getting myself out of the mess my spending habits have got me into so I wondered if anyone would be so kind as to point me in the right direction on which of my debts I should concentrate on?

- LloydsTSB loan - £7516.15 outstanding - 10.9% - Paying £303 a month off of(outstanding amount is now descreasing nicely as have spent last 2 years paying off the interest)
- Virgin CC - £6539.43 - (£4539.43 is at standard rate of 15.9%, £2000 at balance transfer rate 2.9%) - Paying £150 a month off of
- LloydsTSB Advantage CC - £4756.11 outstanding - 'life of balance' transfer rate 5.9% - Paying £100 a month off of

Apologies, I know it's not a full SOA but I am now fully motivated to get these debts down but I am right in concentrating on the LloydsTSB loan? I have been concentrating on this because my monthly payments are paying more off the outstanding amount now and so i see this debt disappearing faster than the 2 credit cards.

Many thanks in advance for any advice, it will be much appreciated.

HazelEyes_3

Have you tried the snowball calculator at https://www.whatsthecost.com?

woohoo_postingid

A good rule of thumb is to pay off the highest interest first.

Some points you need to look at though:

How long is the Virgin BT period for?
Are your Virgin payments reducing the lower or the higher rate amounts first (most cc's pay off the lower rate balance first).
Is there a charge for overpaying on your loan?

Come back with a full SOA including the answers to my points above and people will gladly help you


Welcome, by the way :money:

Eddie_Catflap

Thank you very much both of you, that snowball calculator is cracking and really helps you visualise your situation.
I will return later with a full SOA and answers later.

Thank you again for your advice, much appreciated!