Which Credit Card to Pay Off First

Smivvers20

We are currently in a bit of mess but trying to sort it. I have moved some CC debt over to 0%. Currently we have:

1. Barclaycard 1 - £8,200 (13.3% apr)
2. Barclaycard 2 - £12,764 (0% 18 months)
3. Sainsburys Card - £2,090 (0% 23 months)
4. MBNA - £5200 (9.9%)

I have just moved them as above so have a few questions:


1) Where can I work out minimum payments for all the above (taking into account the interest that will be added - so that I know what the balance is after each month (working out how long each takes to pay off)).


2) Would you try to pay more off Barclaycard 1 first and then MBNA etc. i.e. higher APR first.


Thank you in advance.

[Deleted User]

Throw as much as you can at the highest rate, paying minimum on the others (plus plus £1 on MBNA).

The minimum payments will be shown in your t&cs. Typically, it's 1% of balance plus fees and interest, but it may be more.

onlyfoolsandparking

Its 1% on a lot of cards but Barclaycard is 2.24% (could be 2.25% cant remember)


Agree with zx81 its always better to pay as much as possible off ANY card that is incurring interest. Another trick i've used in the past is try (if you can) to get at least one card paid off in the hope they offer you another 0% deal, then you can play the 'Shuffle game'

eskbanker

Smivvers20 wrote: »

We are currently in a bit of mess but trying to sort it. I have moved some CC debt over to 0%.

Please don't take this the wrong way but when you posted earlier in the year, I (and others) observed that your substantial debt appeared to outweigh your annual income and that it would be worth looking at serious steps to get after debt reduction.

While shifting debts to lower interest rates helps, it jumps out that the total balance itself has risen further by about another 12% since then - obviously nobody on here knows anything like the full story but just to reiterate, reducing the cost of servicing debts is good, but not as good as actually making inroads into them....