Help- am I clearing debt in the quickest way?

yummymummy10

Hi all

Hope you can help

I have the below credit cards
Barclaycard platinum - £6300
Barclaycard initial visa -£2300

I have now moved the £2300 onto 2 0% interest cards with Halifax and lloyds one for 24months and the other for 18months

I have tried to switch the barclaycard platinum but can't get accepted for any 0% ones currently. My plan was to pay £75.00 on each 0% card and then pay £300 on the barclaycard platinum.

however I'm now thinking to pay £500 onto the barclaycard platinum and the minimum on the others? hwat are your thoughts?

CLAPTON

pay as much as possible off the one with the highest interest rate: which presumably is the barclaycard

Red-Squirrel_2

Pay the minimums on the 0% cards and as much as you can on the card where you're paying interest.

In 6 months when the recent searches have dropped off your credit file, apply for another 0% to shift what's left on the platinum.

Once everything is on 0%, pay the most towards the shortest deal first and the minimums on the longer deals.

Basically, the rule of thumb is that whichever debt is costing you the most in interest (or has the shortest time left until interest is charged) comes first.

Nebulous2

What are your limits on the Halifax and Lloyds 0% cards. Did you have any opportunity to balance transfer any more to them?

What is the interest rate on the Barclaycard, is it off 0% already?

rockm87

plug your numbers into this: http://www.whatsthecost.com/snowball.aspx

planteria

Red-Squirrel wrote: »

Pay the minimums on the 0% cards and as much as you can on the card where you're paying interest.

In 6 months when the recent searches have dropped off your credit file, apply for another 0% to shift what's left on the platinum.

Once everything is on 0%, pay the most towards the shortest deal first and the minimums on the longer deals.

Basically, the rule of thumb is that whichever debt is costing you the most in interest (or has the shortest time left until interest is charged) comes first.

entirely agree. well outlined Red-Squirrel:T