Which card first??

Jo3y83

Hi there,


I wonder if you could provide me with some advice in respect of paying off my credit cards.
I have 4 credit cards (3 are at 0% interest and were used to balance transfer from another card. They are also fairly new into the agreements so not about to run out and the remaining card is charging interest and has a balance of £1500 remaining).


There are all at varying balances (lowest at £1339, highest at £2909 - both 0% cards).


How would you pay them off?

• Highest balance first?
• Lowest balance and work was up?
• Pay the card with the interest first?

I am aiming to have these paid off by January 17 but some help on how best to pay off would be very helpful


Thank you

mrsbee17

In my opinion, I'd pay off the card with the interest first of all; though make sure you're making minimum payments to all cards. Have you done a SOA or similar to understand how much you have available to make payments? It's also a good idea to see where you can save a bit of extra cash to overpay as much as possible.


Good luck!

National_Debtline

Hi

There are two schools of thought on this so it depends on how you tend to feel about it. Paying off the debt with interest first would mean you pay less interest overall, so would be cheapest for you and you should clear your debts more quickly. Some people feel that paying off the smallest debt first and then working up helps them as it gives them motivation by having fewer debts.

As the card which charges interest isn’t a lot more than the card with the lowest balance I think the card with interest would be the best one for you to focus on clearing first.

James
@natdebtline

enthusiasticsaver

I would pay off the card with the interest being charged first. Don't use them until they are all or at least two of them repaid.