overdraft vs loan

littlehope

Would it be best to pay the overdraft or the 2 loans or credit cards off first?
loan 1 £2300
loan 2 £800
CC1 £500
CC2 £800
OD £600

wwfc_2

Whats the APR's?

littlehope

I don't know

wwfc_2

littlehope wrote: »

I don't know

Can you not find out?

If you have online accounts should be on there, also on any statements, failing that ring them up.

It really could make a big difference to how much you will end up paying back in interest. Also consider any penalties for paying loan back early

CLAPTON

littlehope wrote: »

Would it be best to pay the overdraft or the 2 loans or credit cards off first?
loan 1 £2300
loan 2 £800
CC1 £500
CC2 £800
OD £600

in general it is best to pay the debt with the highest APR first, taking into consideration any fees for the OD


also, an OD is repayable on demand so it rather depends upon your full circumstances

littlehope

il check it as soon as im home

Thrugelmir

littlehope wrote: »

I don't know

You chose an apt username....

Be a good time to change it and along with your approach to your personal finances.

DevCoder

CLAPTON wrote: »

in general it is best to pay the debt with the highest APR first, taking into consideration any fees for the OD


also, an OD is repayable on demand so it rather depends upon your full circumstances

It kindof depends, sometime the debt stacking approach instead of the snowball works.

this page gives a good indication of how each works with some factors

https://www.savvymoney.com/debt-blog/article/debt-stacking-vs-snowball/

CLAPTON

krisdorey wrote: »

It kindof depends, sometime the debt stacking approach instead of the snowball works.

this page gives a good indication of how each works with some factors

https://www.savvymoney.com/debt-blog/article/debt-stacking-vs-snowball/

this must be one of the most confusing and unhelpful posts I've read for a long time.

littlehope

haha, I know but littlehope is a nickname because im short and it happens to be my middle name.

Herzlos

You're probably paying a monthly fee + lowish interest on the overdraft, so it would likely make more sense to get rid of the overdraft entirely first, since it's not huge. Then work on the highest APR credit cards.