Spread payments or pay one by one?

James21_2

Hi my debts include...

-£397.72 on Halifax Current Account
-£990.00 on Halifax Student Account
-£490.00 Tesco Bonus Credit Card
-£1618.00 Sky Credit Card


Should be spreading payments on all ie minimum on all each money over make overpayments on one or all...

Also do overdrafts affect your credit scoring so its like having a high balance on a credit card

Also just won back £394.13 worth of charges from Halifax so put that straight to my current account so thats why the balance is now only £397.72

At the moment only paying interest on tesco card and halifax current account..

GirlRacer_2

I snowball. I pay minimum payments on all my cards but concentrate on paying more to the card with the highest APR. So far I've got rid of Vanquis and Next and I'm getting there with the Argos card.

James21_2

GirlRacer wrote: »

I snowball. I pay minimum payments on all my cards but concentrate on paying more to the card with the highest APR. So far I've got rid of Vanquis and Next and I'm getting there with the Argos card.

do you do minimum payments by giro or direct debit?

ZTD

GirlRacer wrote: »

I snowball. I pay minimum payments on all my cards but concentrate on paying more to the card with the highest APR. So far I've got rid of Vanquis and Next and I'm getting there with the Argos card.

Snowballing refers to this site, and not to something else entirely... :eek:

GirlRacer_2

I pay minimum payments via internet banking. With the card I'm snowballing i.e. argos at the moment I also make lots of small payments, the odd £10 here and there really makes a difference

GirlRacer_2

ZTD wrote: »

Snowballing refers to this site, and not to something else entirely... :eek:

:rotfl: Ooooh ZTD - sorry I just assume everybody speaks the same moneysaving language as us old timers!!!! :rotfl:

Mindy_2

I did a snowball on the site that ZTD mentions, pay the minimum each month to all but the highest interest card by direct debit.

For the highest interest card (Reading FC CC) as soon as I get the statement I go straight into my bank account online (Virgin One a/c) and set up a payment for the minimum at the appropriate date, then a week before that payment date I see how much extra I can pay and amend the payment. That way, if we don't have any extra money then I have still set up the payment.

Its just discipline to do it, but I love tinkering with my snowball so as soon as that statement arrives, I do the Virgin One bit, do my snowball and then change my sig on here!

immoral_angeluk

We concentrate on one debt at a time. Paying the minimum payments on the bulk and throwing everything we have onto one debt until it's paid off before starting on the next.

georgiasmum

I think it depends on what motivates you. I think that paying the one with the highest APR first is good but I also know other people who have paid off their smallest debt first (regardless of APR) to give themselves some motivation. Do what keeps you going!

~evanesco~

We mostly snowball, but there are 2 little ones (£20 and £120) that are annoying me. The minimum payments on these add up to £8, but I want rid, so as soon as we get out of our little muddle with the rent situation we'll pay those of and concentrate on the bigger ones.

Evans. xox