Introduction

Biollante21

Hello to all
i was a member on here a long time ago and cannot remember any log in details but no matter as i have rejoined under a new name
I have come a very long way since my last time here and have paid off over 50% of my debts
My g/f has now moved in and so my household bills have halved which has freed up a lot of money that i can throw at the remaining debts
I have paid off and closed an account with Vodafone so fingers crossed that has all gone smoothly (after reading about other peoples problems with them) and that now saves me £26.50 per month

Quick bit of advice is needed on the next step though please

I have a Barclaycard CC which i owe around £5500.00 on and an Argos store card which i owe around £1450.00 on
I have allocated an extra £200 per month to pay towards my remaining debts so can you good people advise which i am better paying the money towards?
If it throw it all at the Argos card i can be rid of it by Xmas :j or should i pay it off the BC or half each
All advice is greatly appreciated

John

nannytone_2

pay most off the one with the higher interest rate

National_Debtline

Hi Biollante and welcome back to the forum. Well done on bring your debts down so far.


Conventional wisdom would be to allocate more of your money to the debts bearing the highest rates of interest. I am assuming that these accounts are still "live" and haven't already had their interest and charges frozen.


Dennis
@natdebtline

Biollante21

Hello Dennis and thanks for the welcome back
Yes these debts are still live and i am in no way struggling to pay them but i just want rid
The Argos card, with it being a store card, has the highest rate of interest but is the lowest amount by a long way
I have decided to challenge myself and pay it off by Xmas this year

System

Hi,
Is it worth seeing if you can get a zero% credit card, with a low balance transfer fee so you could move the Argos debt? Depends on your credit score obviously, but it would stop you paying more interest charges whilst you work on getting it gone?
Ramble

Biollante21

That is exactly what i am going to do ramblehan
Havn't had the time tonight so i am going to take my Argos card into work tomorrow and try
Will let you know how i get on

Biollante21

Hello all
Quick update
I missed my target to pay off the Argos card by Xmas by 1 month - with it being Xmas i didn't want to pay any extra off as i would have probably have ended up putting some gifts on my CC - so i bit the bullet and waited until January to pay it off
I have now done this and it feels (in the words of a certain tiger) Grrrreat
Now to start on getting the CC down by doing some stooshing
Great forum this

John