Help with debt plan please

pinkskyatnight

Hiya
Me and my boyfriend have approx £9,726.26 debt to our names! I need help deciding the best pay to pay these off. I have guesstimated that after luckily receiving a pay rise at work we can afford to pay off £950 worth of debt a month and still live within our currant means.
There are 6 debts, should I pay them all of slightly dividing the £950 between them, should i pay highest interest off first or should I snowball with smallest debt first?
1.714.66 23.9 % apr
2,534.82 19.3% apr
1,670.86 0% till feb 2013 approx 20% ish after that
915.00 19.9% apr
1,890.92 18.9% apr
1,000 0% apr till end
I've tried using an SOA and snowball but I must be too dumb to figure them out so any help/opinions is much appreciated!

[Deleted User]

Pay the highest APR first.

That 23.9% is like buying money.

unimaginative_user_name

Bob's right. Pay the minimum payment plus £1 on all your debts apart from the one with the highest APR, and pay the rest of your £950 off that one.

Just paying the minimum can set alarm bells ringing amongst future creditors as it looks like you're struggling.

pinkskyatnight

Bedsit_Bob wrote: »

Pay the highest APR first.

That 23.9% is like buying money.

will the 4ish% really make that much difference to the end total paid off? as i was thinking it might be better to pay the smallist amounts first and then it feels more like your paying things off, if that makes sense?

heartbreak_star

By the time you've paid smaller, lower interest debt, the 23.9% apr will have probably built up enough to equal them so you haven't really paid anything off sadly

Have a look at the snowball calculator to check.

HBS x

bargainbetty

It's up to you to decide what works for you. As long as you make your minimum +£1 on everything, and then throw all the spare the money at your chosen debt.

Some people prefer to pay off the highest interest one to save on spending more money. Some people get more of a boost by clearing the smaller items off so you have less individual debts. Do what works for you, but leave the 0% debts till last - they are currently costing you nothing.

Good luck

DCFC79

You could clear the debt @ 19.9% now and then forcus on the debt @ 23.9 % apr.

[Deleted User]

pinkskyatnight wrote: »

will the 4ish% really make that much difference to the end total paid off?

If my calculations are correct (which they may not be :embarasse ), if you paid nothing on it, in 12 months time, that £1.714.66 would've increased by £410.

The sooner you get that reduced/paid off, the better.