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What to pay off first
PETETHEMEAT_2
Posts: 1 Newbie
HI ALL
Need some advice i got into bad debt a couple of yr's ago and i'am now in a position to start paying it back.It's spread out over 3 loans and 2 credit cards £19,000 on a lloydstsb loan 15,000 on a second lloydstsb loan £7,000 on a HSBC loan £4,200 on a capital one credit card and £3,600 on a mastercard.So as you can imagine i have a bad credit rating so i need to know what is best to start paying off first to increase my credit rating the loans or the credit cards.
Need some advice i got into bad debt a couple of yr's ago and i'am now in a position to start paying it back.It's spread out over 3 loans and 2 credit cards £19,000 on a lloydstsb loan 15,000 on a second lloydstsb loan £7,000 on a HSBC loan £4,200 on a capital one credit card and £3,600 on a mastercard.So as you can imagine i have a bad credit rating so i need to know what is best to start paying off first to increase my credit rating the loans or the credit cards.
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Comments
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General rule of thumb is highest APR while paying the min to all the others. However with loans watch out for overpayment fees and early repayment fees. Many use the snowball calculator to calculate the best way to repay their debts. Best of luck
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