Advice needed for a newbie :)

sugarcube84

Obviously the most sensible option is to go for the higher interest ones first but I totally get the mindset of wanting rid of the number of debts and feeling a sense of achievement when you get rid of one.



Ultimately you have to do what works for you. For me (all mine are 0%) I got rid of the 2 small ones which felt great and now I'm left with the big ones. Hubby on the other hand is concentrating on the biggest one first.


Good Luck.

Positive_Thinking

Trust me I have no intention of just paying the minimum payment forever at that interest rate! The catalogue payments change every month as everything is paid for over either 20 or 52 weeks interest free. This month's payment was £91.58 but next month's will probably be quite a bit lower than that so the minimum payment will be made and the rest will be used to pay extra off the CC. By my calculations the two lowest debts should be repaid in full in five or six months. When those are gone the extra money will go towards paying off the store card

An SOA is difficult for me to complete at the moment, having just moved into a property with a water meter and economy 7, neither of which I've had before so no idea what my payments are likely to be. When I've been here for a month or so I'll have a better idea I think.

Dobbibill

Hi Positive_Thinking,
Have a look at this snowball calculator - it gives you the option to repay either in interest or balance order.

You can have a play with it and see the difference either option will cost but it will also give you debt free dates. It's always good to have a date/target to focus on.

HTH