Advice on credit card snowballing

FabDee

Hi to all, Happy New Year.

I could go with a bit of advice on credit cards and snowballing.
Have 2 CC's both from lloyds, one mine one husbands. both same APR's.
Mine £8000 debt and his £2500 debt.
Snowballing said with the £250 I can pay each month:- It will end January2012.
Interest way is:- to pay £214 to big debt and min to small debt of £36.
Balance way is:- to pay £114 to small one and min 136 to big debt.

Which is the best way to go, as works out the same I know but which would be best in terms of making it look better to me I guess.

Everything else is sorted, been looking at this board for a while now and sorted things. Also on OS board and just started shopping challenge for Jan, on target with everything thanks to this site and all the great folks with there advice I've read. I have one thing in my favour at present and should in mid to late summer know if getting paid off in March 08. Will be a large amount over £20,000, so will clear things, but this is going on outwith my control and work will advise as I said in late summer.

any advice would help just now incase I don't get paid off.

thanks

Annie_Fanny

Hey there

If the aprs are the same then it depends what you feel most comfortable with....would paying off the smaller debt first give you a psychological boost at all or do you just view the debts as one lump sum?

Can you find other ways to earn money in order to hammer your debt down? Even an extra £10 a month will make a difference...

Good luck for 2007!

Annie

Phoenix79_2

If the interest is the same then it doesn't matter. Perhaps the balance way might be better as the smaller debt will be gone quicker and will only leave you with the one......which can be better psychologically