What to pay off first?

savesummore

Hi Guys,

Some help please. I have taken out a life of the balance card with 'S' and transfered £3K from my 'M' card.
When this tansfer was completed 'M' card called me and offered me 6 months 0% so i transfered the balance of £900 from my 'H' card.

So now I have £3K on 9% life of the balance on my 'S' card, £900 0% for 6 months on my 'M' card and no balance on my 'H' card-these are all of my credit cards!

Should i put all my effort and extra cash into paying off the 0% card before the 6 months is up or pay minimum on the 0% and use all extra cash to pay down life of the balance card? Once the 6months 0% is over the rate will go back to approx 18%

joedenise

You need to clear the balance of the 0% within 6 months.

I lot really depends on how much you have available per month to clear your CCs.

What I would do is pay minimum on 0% card, put £150-min into savings (ie the amount you need to pay to clear in 6 months); anything extra to spare gets paid to the LOB card.

Denise

Tixy

Depends on how much you can afford a month - have a look at the snowball calculator put the 2 debts in and the amount you can pay - and it will tell you.

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

savesummore

Thanks!! Im in the process of trying to sort out my CC debit, cut back on spending etc etc so i will have a proper sit down and work out what i can afford to pay.

That snowball thing is amazing!