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Snowball debt method question

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Evening all

We're in the process of getting our act together and clearing debt using the snowball method, so far, its working well.
We're on target to clear a card in just over 5 months and so on from there.

Does this method include any form of debt?
We have a loan which in terms of amount owed could be paid off in around 6 months but iis it right to go that route?
Or do we stick to cards and then go to the loan after?
It's no big deal time wise!

Cheers

Comments

  • sourcrates
    sourcrates Posts: 31,420 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    It really depends if your debts have defaulted or if you are still under contract.

    Some loans allow you to overpay, without penalty, but some don`t, if its a defaulted account, you can do pretty much as you please.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • Brie
    Brie Posts: 14,511 Ambassador
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Also loans tend to be less interest than credit cards - obviously the best thing to do, generally, is to focus on those debts that have the highest interest as paying those sooner will benefit you the most.  
    I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards.  If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

    Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board:  https://lemonfool.co.uk/financecalculators/soa.php

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