another thread today! This one a happy one!

hannahsmummy1

Yay- hubby just rang to tell me he has been given a pay rise- so i have come into money- a little bit- but it is enough to pay my mint card off (which is 300 pounds) and then have 500 left over- but i dont know what to pay off after this- im stuck between getting rid of one of my loans, which gives me about an extra 40 pounds a month (which i would then throw at my other loan to get cleared in half the time) or ploughing it all into one of the big cards- ie barclays! I feel like if i paid the mint & one of the loans off i would 'see' something for the money thats come my way- if you see what i mean? Whereas if i put it towards the bigger cards it wont clear the balance. Im so rubbish at making decisions!

Becks_in_Debt

Congratulations hannahsmummy1, hubby on your pay rise.
If it was me I would pay off the mint card and then get rid of one of your loans, and then the money you put into them each month put it towards another debt, this way you have cleared off two creditors. That is what I would do any way.
Extra #40 (suppost to be a pound sign but for some reason it has changed, any body know how to change it back PM me how to do it) goes a long way when in debt

CAFCGirl

YAY!

Congratulations to your hubby on payrise!!

Which of your debts are you paying the highest APR on? It makes more money sense to pay the higher apr ones first (im sure you already know that!) Do either of your loans have a penalty for overpaying?

I called Abbey regarding my loan, balance of 2500 but to pay it off earlier with the penalty charge (which admittedly I knew about) would cost me more than just paying it monthly...

The joys of modern day bankings.
I'd say play around with some figures, see whats gonna save you the most money in interest and whats going to have the best pyschological impact

mrsspendalot

That is great news!!!!