Paying down more on the mortgage or debt

Crankygeek

Hi All, I have embarked on the journey of trying to pay off my mortgage. I have all the fine prints from dates, over payent charges to monthly over payment required to complete by Date required. I have one small issue I also have a credit card debt which is not groos but was wondering should I pay the mortgage payments or pay the credit card bill.

My flaud thinking is since the interest on the mortgage of a greater amount than the credit card I should do the mortgage . I am slightly loss as I am falling behind my over payments on my mortgage by paying around £120 to credit card on a monthly basis.

Would love the reply or the disscussion

getmore4less

Highest interest rate first.

Look up Snowballing

jimclark1967

Welcome to MSE :beer:
You need to compare the interest rates rather than the amounts.

Assuming the credit card is not on a 0% deal it'll almost certainly have a higher interest rate than the mortgage so it will work out cheaper to pay off the credit card as soon as possible before you start to overpay the mortgage.

Good luck!

co123456

getmore4less wrote: »

Highest interest rate first.

Look up Snowballing

I thought Snowballing was something completely different.

getmore4less

cheeryoleary wrote: »

I thought Snowballing was something completely different.

IT is the best way to repay debts, mortgage is just another debt.