Dilemma!

sarah76

Hi All
Ok, heres my problem. I have 4 small(ish:eek: ) debts, which are with Moorcroft. A collector calls every week for the payments, which are -

Lloyds cc - £10pw balance £29
Citi cc - £5pw balance £734.17
Welsh Water - £5pw balance £523.69
Next Directory -£5pw balance £318.75

I can clear the lloyds balance this week, thus freeing up £10. Now do I

A) keep the rest of the payments as they are and be £10 a week better off
Pay the whole ten pounds off another debt
C) Pay £5 off one of the others and be £5 better off

I would love some advice, and see what others would do in this situation:D

Thanks in advance, Sarah x

immoral_angeluk

I would pay the whole £10 off the water debt as I'd see this as being more important to clear than the others.

weeg

£10 to Next, clear it off first and then move on to the next lowest!

I just asked a very similar Q!

sarah76

Hi weeg
Lol, I just noticed your thread, coincidence or what!

Immoral Angel, thats where I'm confused, do I throw it at the Highest or the lowest - decisions decisions!

Welshlassie

You should throw it at the debt with the highest APR. If all debts have the interest frozen then throw it at the smallest one to clear it quicker and therefore give you a moral boost.

SunderlandBlackCat

I'd agree with Immoral Angel. Utilities are more important than catalogues so clear that first.