Snowball Calculator 0% conundrum

Bulla

I'm taking my first steps into ridding my credit card debt and have been playing around with a Snowball Calculator.

Debt is as follows

Natwest Mastercard £2767
Barclaycard £4678
HSBC Mastercard £2286
Tesco £1425

At the moment I'm paying interest on all the cards except Tesco which is 0% for another 6 months.

What I'm wondering is whether I am best using the Snowball Calculator to pay off chunks of the highest interest card (Barclaycard) first. Or if I'm better trying to clear the entire Tesco Balance, with a view to trying to get another 0% transfer after I've paid it off either with Tesco again or closing it and applying for a new card.

Any ideas much appreciated

forgotmyname

Clear off the highest rate card as much as you can before the 0% expires. You should be in a better position to apply for another 0% card then.

If you apply now with a lot of debt then you may not get accepted.

bigadaj

Normally it's best to pay teh highest interst cards first by as much as possible. Teh other cards simply pay minimum payments, potentially plus one pound to ensure no markers are made on your files which might indicate you are struggling.

See if you can get any other 0% offers! but don't apply for more than say one card to do this as it again might make you look desperate.

You might get further advice if you post the limit in each card, interst rates and your income and how much you have to pay back every month.

dotdash79

how close to the limits are you?

Bulla

Sorry should have stated limits

Natwest
£3,200.00
£2,767.01
86.47%

Barclaycard
£6,500.00
£4,678.93
71.98%

HSBC
£2,500.00
£2,286.49
91.46%

Tesco
£1,500.00
£1,425.00
95.00%


Since my post a friend told me about Nationwide and soft checks so I thought why not and have been accepted in principal for a £3500 card. If that comes off then I guess I can move the Natwest Balance over.

dotdash79

move as much as you can of the highest interest rate balance.

dotdash79

Barclaycard are also quite good at doing offers as well.