Taking the first steps

TheUnknown_2

Hi folks, i'm a newbie on here. I have been reading the forum and thought i would make a post.

Ive got a fair bit of debt but i am finding the best ways to get rid of it that i can.

Would you say its better to clear off the smaller ones then tackle the bigger ones?

Is it best to pay off higher amounts quicker or opt for lower monthly payments over a longer period of time to clear them?

I am aiming to clear off a debt a month or something close to that.

Thanks.

theoretica

It is cheapest to pay off the debts with the highest % interest first and to pay off as high an amount as you can.

But it is also very satisfying to see the number of debts go down by paying off small ones and don't aim for such a high debt repayment each month you are driven to a spending spree in rebellion.

happycamel_2

Generally, as Theoretica says, you need to throw as much as you can at the highest interest debt. Once this is paid off you do the same to the next highest interest debt but include all the money you are no longer paying to the debt you've cleared. In the meantime pay the minimum plus £1 to all your other debts.

If you're tempted to spend money then use it to get the satisfaction of knocking off a smaller debt instead.

If you post an SOA we could help you to find money for payments and with the best order to tackle the debts. Well done for posting, it's not easy but it'll help you gain control.

Good luck, HC