Loan or credit card ? What’s best to pay first ... 21 May 2020 at 3:45PM in Debt free diaries

HollyEstelle

hello ! Just wondered if anyone can help me with this one ! I want to pay a lump sum off my dept... I have a secured loan on my business premises and I also have two large credit cards, is it better to pay the lump sum off my secured loan which is around 6% interest or one of my large credit card, the credit card is, at the moment  3.4% until jan 2022 then I will have to move it around as the interest rate will go up.  Not sure which is the best one to pay the lump sum. If I paid the credit card it would give me a bit more money a month saving, than the secured loan..  any help or advice would be really appreciated ! Thank you 😊