Which credit card to pay off first?

nessauk

I am thankfully in a position at the moment whereby I have £2400 at my disposal. I want to use this money to pay off some of my debt, which are the evil credit cards. But I am unsure as to which to pay off. Below I've listed the 3 that I am in the position to clear my debt with.

Card

---

APR

---

Balance

---

Min P/ment

---

Interest paid per month

Natwest Visa

---

(18.9%)

---

£1066.96

---

£21.00

---

£9.72
Barclaycard Plat--(6.8% life)----£985.91

---

£22.00

---

£5.45
M & S More

---

(16.9%)

---

£2400.00

---

£72.89

---

£32.83

Looking at it, the sensible thing would be to get rid of the M&S card as that is what I'm paying most on, but I'm also torn with the idea of being able to get rid of the 2 other cards in one hit. I suppose I need some convincing as to which way to sway!!!

iceicebaby

I would say to pay the one off with the highest interest rate first. Im no expert tho but im sute someone more knowledgable than myself will advise better in a sec.

lizzyb1812

If I were you I would pay off the highest interest rate accounts first. They are costing you the most. The monthly payment is not the true indicator of what the account is costing you - it's just a reflection of what you owe on that account.

So pay off NatWest and then part of M & S.

If you need more help/convincing about this try googling "Mary Hunt" or "cheapskate monthly" - there is stuff on her website which should make clear why paying off the highest interest card is best

lizzyb

Phoenix79_2

Pay of all of Natwest and the rest of the money towards the M&S card. Thats the best thing to do.

Any chance after you have done that you could apply for another card and try to get the rest of your cc debts on one 0% card? Or a LOB card?

pudding06

Pya off the highest interest ones first

SO nat west first and then the remainder off the M&S card.

barclaycard at 6.9% for life can definately wait.

But dont forget to snowball your payments and throw it all at your m & S card
£93.89 payments + any extra you can to m & s and it will be cleared in no time!!!!

then you can start on your b/card

pudds

Mrs_Sparkle

I agree with the others- NW first then some of M&S. Then use the money that you would have been paying to NW to clear your M&S card more quickly. Well done by the way!