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What to pay off First?
Stilojon
Posts: 41 Forumite
Right help needed guys and gals.
I have just got a bonus of £4995 this month after tax man takes away a large sum of it.
Anyway Im not sure what I should be paying off first.
I have 3 options but im only going to be able to pay one off.
Tesco Credit card - Minimum payment about £60 per month atm and every now and then i keep missing a payment, !!!! in fact I have to make one today. Balance is about £2,200
Natwest Loan - Balance = £3,100 paying £131 per month which comes direct out my account.
I dunno which one I should be paying off, but one needs to go.
Any recomendations????
I have just got a bonus of £4995 this month after tax man takes away a large sum of it.
Anyway Im not sure what I should be paying off first.
I have 3 options but im only going to be able to pay one off.
Tesco Credit card - Minimum payment about £60 per month atm and every now and then i keep missing a payment, !!!! in fact I have to make one today. Balance is about £2,200
Natwest Loan - Balance = £3,100 paying £131 per month which comes direct out my account.
I dunno which one I should be paying off, but one needs to go.
Any recomendations????
YES I AM A SPENDAHOLIC!!!!
My programme Episode 6 of Series 3 on BBC£ spendaholics
However started with £17,000
July 07 - Balance remaining £13,500
OCTOBER 2008 - £8,000 to go
My programme Episode 6 of Series 3 on BBC£ spendaholics
However started with £17,000
July 07 - Balance remaining £13,500
OCTOBER 2008 - £8,000 to go
0
Comments
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If your credit card is a higher APR then pay off that oneCC2 = £8687.86 ([STRIKE]£10000[/STRIKE] )CC1 = £0 ([STRIKE]£9983[/STRIKE] ); Reusing shopping bags savings =£5.80 vs spent £1.05.Wine is like opera. You can enjoy it even if you don't understand it and too much can give you a headache the next day J0
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Im just thinking though, pay off my loan and balance transfer the card to somewhere else as Tescos are rapeing me at present!YES I AM A SPENDAHOLIC!!!!
My programme Episode 6 of Series 3 on BBC£ spendaholics
However started with £17,000
July 07 - Balance remaining £13,500
OCTOBER 2008 - £8,000 to go0 -
Two or three options? I can only see two, Your third option surely isn't to spend it???
Def the credit card IMHO. It probably has a higher APR, your loan may be inflexible, but your CC isn't.0 -
Hi, If you can obtain a 0% deal somewhere then go for it! There is no point in paying interest just for the sake of it. make sure if you do get a new card and BT that you dont use it for spending otherwise you will get into a mess and ruin the BT rate.
I would then clear the loan and use the monthly repayments you was spending on the loan I would start to snowball against the new 0% card.Official DFW Nerd Club - Member no. 297 - Proud To Be Dealing With My Debts
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Then set up a DD or standing order if you keep missing or are late with your payments. It's liberating believe me!0
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