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What to pay 1st?
Beautiful-Moose
Posts: 182 Forumite
Hi Guys
My parents have finally paid back £400 of what they owed me but I am unsure what to pay off 1st?
I have 2 credit cards:
Barclaycard - £7000 - 16.9% APR
Natwest - £2497 - 20.9% APR
I am also due another £300 next month from selling some tickets to a friend.
Where do I make the best use of my £400 and £300?
My parents have finally paid back £400 of what they owed me but I am unsure what to pay off 1st?
I have 2 credit cards:
Barclaycard - £7000 - 16.9% APR
Natwest - £2497 - 20.9% APR
I am also due another £300 next month from selling some tickets to a friend.
Where do I make the best use of my £400 and £300?
0
Comments
-
The NatWest card - general rule of thumb is the higher the interest, the sooner it gets paid off.Outstanding Debt as of Sept 13 - NONE!
Deposit Saved - £6k (/£20k)0 -
I did think that. It makes more sense.
On a monthly basis should I put more of my wages into paying of the Natwest card then going by that rule too?0 -
Yes, plus as the balance is lower you can pay it off quicker.
then hopefully they will offer you another deal to transfer and you could then transfer some/all of the other card balance:D0 -
I hope so! I just got declined by a card company to do a balance transfer which is what has given me a kick up the backside to sort myself out.
I've just done a snowballing calculator too and seen that if I start paying the cards off now I will be debt free in time for my 30th Birthday! What a great birthday present and way to start my 30's off. I am really motivated to do this now!0
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