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Can anyone give me advice on which debt to pay first?
Comments
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It looks like a new card 0% offer would certainly be useful, but maybe the best time to apply is about May next year0
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Hi Cat girl
As others have said the snowball is a great tool. I have been using it to pay my CC debt for the past couple of months. Although I have high CC debt (around the same amount as yourself) I can see a light at the end of a long tunnel.
I feel a lot easier about it all now. Even though it will take me a long time at least the payments are being made and the debt is going down not up
You will find lots of great tips and advice on here so stick around and maybe keep a diary to motivate you and help you along.
Good luck with your journey
SP 9#531=£620/SP 10 # 531=?PDBX 2016 #2 = £16,766.67/£12,000
PDBX 2017 #2 = £1,200/£12,000
''If you want the rainbow, you gotta put up with the rain''0 -
Are you currently up to date with your payments, and do you have any "space" on any of the cards? Wondering whether it would be viable to transfer some of the 20% balance to the 11% card, when the 0% period runs out?0
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Unfortunately, they cut my limit from 13000£ to 6000£ so I don't have any room left anywhere.
I am up to date with all my payments but my credit score is brought down because of my levels of borrowing which is my own fault...:(:(
Thanks for all the advice, I feel a bit better now xCredit cards and loan total at Jan 2016=£37599 :eek::eek::mad::mad::(:(0 -
I have been thinking that if I pay as much as possible off the one with 11% interest then when the other two start charging interest I could transfer to that as it is lower or try and get another card with a low interest rate.
I wonder about ringing them and asking them to lower my interest rate...
Do they put that on your credit rating though?Credit cards and loan total at Jan 2016=£37599 :eek::eek::mad::mad::(:(0 -
Hi Cat girl
If you're asking a lender for a concession on its interest rate then that could end up being reported as a payment arrangement to credit agencies. They are only likely to agree if they think it will help retain your custom and make them more money in the long run. The snowball calculator is probably your most useful tool at this stage.
Dennis
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0 -
Thank you Dennis, I have decided the best thing is playas much as I can off the one with the interest on it at the moment then maybe try and transfer some or all off the other one/s when the 0% balance runs out in 6-9 months. I don't want to scupper my credit rating- even though credits the last thing on my my mind ����Credit cards and loan total at Jan 2016=£37599 :eek::eek::mad::mad::(:(0
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