How would you do it?

shiningfaery · 27 December 2016 at 7:44PM

I am looking to clear some credit accounts and free up some money over the next few months/years.

I am looking at the accounts I hold, there's a lot and I am paying them all I am just aware of how far I may become stretched financially. So I want to overpay to clear and close.

Do I start with the smaller accounts and work upwards? Or is it better to try and split amounts against larger accounts working down.

Apr on accounts are all around same rate so any Apr savings is negligible.

FatVonD · 28 December 2016 at 12:44AM

I think most people on here would suggest putting it in the snowball calculator.

If it was me I'd pay the smallest off first for the psychological lift and also hoping they would then offer me a 0% deal to shift over one of the other debts.

Sazzie23 · 28 December 2016 at 4:21AM

FatVonD wrote: »

I think most people on here would suggest putting it in the snowball calculator.

If it was me I'd pay the smallest off first for the psychological lift and also hoping they would then offer me a 0% deal to shift over one of the other debts.

I'd alternate one or two small first, then aim for a bigger one. Be strict with yourself though.

shiningfaery · 28 December 2016 at 8:31AM

Thank you for your input.

That's the plan then start at the smaller end of the list and work my way up.....I will have a wee look for the calculator as I haven't come across it.

Igamogam · 28 December 2016 at 8:44AM

Clear small debts and get larger ones on 0%

Fireflyaway · 28 December 2016 at 10:30AM

I'd get rid of the small ones first to give you a boost and make you want to carry on.

jaxsmar · 28 December 2016 at 12:21PM

Hi. Have you signed up for any challenges? No spend days or paying off a little something each week. They might enable you to achieve your goals and everyone is so encouraging! Just a thought. Good luck.&#55357;&#56832;