Help - Came into money - want to pay back debts asap

Cambus

Hi

Wonderful site

I'm looking for advice on how to tackle some debt problems , my family has £42k worth of CC debt - I know a wicked number

I've got them all on DD and pay the minimum each mmonth

That's the bad news

Recently I've been given an extra £900 per month and I want to
pay everything to debt and finish with them once and for all

I've calculated out roughly it will take me about 28 months to clear
in full alongside my current minimum payments

Just looking for advice on how to go about tackling this , we owed
8 cards to our name and I just want to eliminate them all asap.

Any advice on "how to" is most welcomed

N119jwx

Sorry people, first time Ive ever used this site, how do I start a post please?

Brian_Bullocks

Cambus wrote: »

Hi

Wonderful site

I'm looking for advice on how to tackle some debt problems , my family has £42k worth of CC debt - I know a wicked number

I've got them all on DD and pay the minimum each mmonth

That's the bad news

Recently I've been given an extra £900 per month and I want to
pay everything to debt and finish with them once and for all

I've calculated out roughly it will take me about 28 months to clear
in full alongside my current minimum payments

Just looking for advice on how to go about tackling this , we owed
8 cards to our name and I just want to eliminate them all asap.

Any advice on "how to" is most welcomed

Look through the statements of all your cards, and pay the ones charging the highest monthly interest rate first.

CLAPTON

N119jwx wrote: »

Sorry people, first time Ive ever used this site, how do I start a post please?

go to the board you wish to post on
and near the top left there is blue new thread box

fracturedsun

The best way to pay off is start with the most expensive debt first (the one with the highest interest rate) put all the extra money into paying for that one and keep the other payments just abouve the minimum. Once that debt is clear move to the next most expensive. That way you are paying the least possible interest and so paying it off more quickly.

I don't know if these are all credit cards or if you have some on loans etc too, if so check whether there are any early payment penalities so you have a better idea of how much you have to pay in total.

Good luck.

Paul_Herring

Cambus wrote: »

Any advice on "how to" is most welcomed

http://www.whatsthecost.com/snowball.aspx