Advice needed please! Which to pay first?

Vikki_Rigden

Hi

I have a credit card with £4000 on it which is being charged interest at around 18% and also a second card with £1100 on at 0% for the next 24 months. My question is I have £600 a month I can pay off of the cards do I pay the minimum monthly fee on the £4000 card and pay the rest of the money off the £1100 card and then do another balance transfer to take more off of the £4000 card or should I pay the majority of the money of if the £4000 card and pay only the minimum amount of of the £1100 card? Need to pay it all off asap as need to remortgage in January.

newuser86

Pay the minimum on the 0% card and the rest of the money on the 18% card.

If you can transfer the amount to a 0% then do this, but factor in the fee if you are doing this. Unless absolutely necessary there is no major obligation to pay off the 0% card especially when you have debt with high interest

redpete

600 a month will pay off the full debt way before the 0% deal ends, so put as much as possible towards the 18% card whilst paying minimum per month on the 0% card.