What to pay off first?

Greyhound1

I have a question, I am working very hard to pay off my debts and have £500 a month that I would like to use to over pay my debts. I have one large loan with 3.5 years left to pay and 3 credit cards (all on over a year of 0% interest) What should I pay off first? I am thinking the loan as that is the biggest monthly outgoing. What do you think?

Angelinaxoxo

I completely agree. Tackle the loan first, the usual advice is also the loan with the highest APR or the highest monthly outgoing so you are about right.

eyeopener2

Slow down a bit..

Are there any penalties for over paying the loan,can you actually over pay the loan?

Are there any of the credit cards you could clear quickly with the £500? Sometimes the boost of clearing a debt, whether it's 0% or not can give you confidence to attack the others.

So check the t & c of the loan, you could save up the 500 to settle early (but can you trust yourself not to spend it?).

Post your debt pile and let's what the best solution is.