Paying off two cards

Price_Is_Right

Hi,

I have two credit cards which I have taken out for Balance Transfer purposes.  Below are the cards with approximate current balance I owe and interest free period remaining:

- Virgin – £3,000 (0% for 24 months)

- HSBC – £1,800 (0% for 15 months )

I can afford to pay £200 each month (from time to time I will put in extra), but I wish to have a recommended idea of how much of that as a % to pay into each every month.  A "rule of thumb" if you will.  

For example, if I attempt to get rid of the HSBC card within the 15 months, I.E. if I pay £120 each month for 15 months, that will clear my balance, and the remaining £80 goes towards Virgin.  After the HSBC one has been paid, I can then carry on with full £200 until Virgin have been paid off.

That's just an idea of mine, but I'm happy to hear if anybody has other ways they may look at paying these amounts.

Cheers.

[Deleted User]

Pay as much as you can into the HSBC one as that expires first, while paying minimum on Virgin. Then switch to Virgin.

Dobbibill

Use the snowballing calculator on Whatsthecost.com - it will show you where to send your payments and the debt should be paid off within the offer period. (select interest order or balance order). 

maxximus75

Your idea seems good to me

If you pay £120 per month for 15 months, that will clear your HSBC Card.

You also pay £80 to Virgin for those 15 months, that will leave you £1800 outstanding.

If you then start to pay £200 for the remaining 9 months, that will clear your outstanding balance.

Any overpayments will just help to pay them off faster.

Good luck with your plan!