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Which to prioritise?
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How much money do you have available to throw at your debt each month?
I know you have stated that you are going to focus on overpaying CC5 & then CC1 but I was just wondering whether it would be worth focusing on one of the lower balances such as CC2 as well as one of the higher ones? The idea being that by clearing one of the lower balances it may possibly offer 0% balance transfers once others end that you could then transfer any remaining debt to at the end of their terms? You may even get increased limits through doing this which may enable you to transfer some of the larger balances to.
Another option regarding the loans is you could maybe round up the figures to the nearest pound or zero, for example,
Loan 1 - £145.17 per month - round this up to £150 per month.
Loan 2 - £223.63 per month- round this up to £230 per month.
I know when I previously had a loan for my car, I liked to see the balances round to the nearest zero or five, i.e. £3500 or £3550.
You could also just the PAD (payment a day) challenge when dealing with your debts. You could use the idea of any spare pennies in my bank account i.e. £5.53, You could round it down to the nearest zero meaning it would be down to £5 and that 53p is utitlised elsewhere, maybe towards your debt.
At the end of the day is totally up to you how you choose to tackle this debt head on. These are just a few other ideas I thought about when reading your thread. It is good you are wanting to pay it all off and I wish you well on your journey.Chandelier.
Current Debt Repaid:
£104/£619.
Check out my Diary0
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