Fastest snowball option?
Lendable £11052.86 - 10.88% min £289.32
£5285.24 - Barclays 0% until Apr24 (APR 24.3%) min £200
£2255 - Virgin 0% Dec24 (APR 21.3%) min £30
I am looking to check I have my calculations right or if there is a faster way of paying this off I am missing!
I want to pay these down as quickly as possible.
Which way is fastest as I have put in a snowball calculator with the 0% deals and thought it would advise the loan first to throw as much at - however it’s saying pay the credit cards first?
Is this because it’s ignoring the 0% deals and just looking at the highest interest first? It was the Lemon Fool one.
It says 20 months for all of it gone with the £1130.00 I have to throw at it monthly.
I was thinking better to pay loan first as accruing interest and pay just over minimums of the CCs and then once loan cleared look at finishing the two cards off - possibly may need to see if I can find another 0% deal at this time as will have run out of months to finish off without accruing interest.
Payments planned per month:
£900 - Lendable
£200 - Barclays
£30 - Virgin
I would be grateful for all advice on fastest option- thank you 😊!
- All Categories
- 340.2K Banking & Borrowing
- 249.1K Reduce Debt & Boost Income
- 448.4K Spending & Discounts
- 232K Work, Benefits & Business
- 603.2K Mortgages, Homes & Bills
- 171.7K Life & Family
- 245.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.8K Discuss & Feedback
- 15.1K Coronavirus Support Boards