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How would you do it?

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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.

Comments

  • FatVonD
    FatVonD Posts: 5,315 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker I've been Money Tipped!
    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.
    Make £25 a day in April £0/£750 (March £584, February £602, January £883.66)

    December £361.54, November £322.28, October £288.52, September £374.30, August £223.95, July £71.45, June £251.22, May£119.33, April £236.24, March £106.74, Feb £40.99, Jan £98.54) Total for 2017 - £2,495.10
  • Sazzie23
    Sazzie23 Posts: 2,634 Forumite
    Ninth Anniversary 1,000 Posts Combo Breaker Post of the Month
    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.
    Debt -it's a fight that I'm winning, dealing with debt one day at a time.
    Estimated DFD August 2018 - 2031 - now 2027 :T

    Guide dog Tess, missing Scotland 2 years

    DMP support no438.
  • 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
    Igamogam Posts: 6,028 Forumite
    Part of the Furniture 1,000 Posts Debt-free and Proud! Combo Breaker
    Clear small debts and get larger ones on 0%
    Be the change you want to see -with apologies to Gandhi :o
    In gardens, beauty is a by-product. The main business is sex and death. ~Sam Llewelyn
    'On the internet no one knows you are a cat' :) ;)
  • I'd get rid of the small ones first to give you a boost and make you want to carry on.
  • jaxsmar
    jaxsmar Posts: 518 Forumite
    Part of the Furniture 500 Posts Photogenic Name Dropper
    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.��
    Penny wise pound foolish. 366 days 1p challenge 2020/21/22/23 completed.
    No.13 1p a day challenge 2024
    No. 24 52 week savings challenge completed August 24
    No.16 1p a day savings challenge.
  • If rates are similar, then consider clearing whichever lender is most likely to make a good BT offer once cleared.
  • ^^^ this

    Virgin have always been good with offers on a cleared account.
    Total Credit Used...=........£9,000 / £52,700
    Mortgage..............=........£138,000 , 20 Years left.
    :starmod:CC cashback for this year..=........£112.88 £205.81 banked in 2015
    :starmod:YNAB User & Mortgage Free Wannabe
    :starmod::A19/03/16
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