We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Which debt should I pay off first?
Boatdweller
Posts: 158 Forumite
I'm working my way through my debts and am able to make significant over payments (have done since the start of the year, what a massive help!) Anywhoo I have about £200 that I can put towards something this week. I'm not sure what one of the following three options I should do.
I have £150 on both a gas and electric account which I pay back each month £30, do I clear one of these and what £50 on to my CC (35% apr - outstanding balance of £180) or do I clear the CC... I know I pay interested on the CC but clearing up an extra £30 towards overpayments for next month also will make a difference.
I have £150 on both a gas and electric account which I pay back each month £30, do I clear one of these and what £50 on to my CC (35% apr - outstanding balance of £180) or do I clear the CC... I know I pay interested on the CC but clearing up an extra £30 towards overpayments for next month also will make a difference.
0
Comments
-
If it was me I would pay off the credit card0
-
Credit card. I don't imagine you are being charged interest on elec and gas debt?Debt free on 2nd January 2015Next savings goals:£5k emergency fund£4k holiday of a lifetime fund0
-
Credit card for me as wellDFD September 2017
0 -
Me, I'd clear the credit card & split the remains between gas, electric & a fish & chip supper.
That £200 has been achieved through determination - a moderate reward is in order!0 -
Definitely credit cardCurrent Mortgage 01.10.17 £113,513.88
MFW Start Mortgage: £114,794.64
Current MED: 2036:eek: Target MED: 2026
Overpayment Target for remainder of 2017: £2,000
Mortgage overpayment savings: £684.80
MFW No 124 :money:0 -
thanks guys - CC it is!0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.2K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.9K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards