Clearing credit cards

denis0603

As I approach retirement I want to clear my two credit cards.
Has anyone any suggestions on the best way to do this.
Collectively my wife and I owe £10k!!

dresdendave

It's difficult to give a detailed response as you have given minimal information.


Basically you just need to pay as much off as you can afford each month. If one has a lower APR, make the minimum payment and throw as much as possible at the other.


It may be that you can BT balances to 0% cards, this will allow you to pay down quicker.


If you give more info you will get more detailed responses.

andywandy

pay off the card you are being charged the most interest on first.

alternatively some people prefer to pay the cards with the least money owed on them first, as it feels like they are accomplishing more, however as you only have 2 cards this won't be a big factor for you.