Reducing credit card debt

Hamiltonc

Best way to reduce credit card debt?

Some are on 0%, some are not
Some are high balances, some are not

Is it best to snowball and go from lowest balance to highest?

Thank you 

Brie

I like the idea of nuking a small balance just to have that achievement of one less to deal with.  But standard thought is that you put as much as possible on the debt with the highest interest rate as that's costing you the most.  So minimum plus £1 on the rest and everything else on the high rate one.  Once that's clear move to the next one down.  

If you want to get a better grip on all your debts you might want to pop over to the debt free board for really good advice to attack it all.  Great advice available there!!!

Hamiltonc

Brie said:

I like the idea of nuking a small balance just to have that achievement of one less to deal with.  But standard thought is that you put as much as possible on the debt with the highest interest rate as that's costing you the most.  So minimum plus £1 on the rest and everything else on the high rate one.  Once that's clear move to the next one down.  

If you want to get a better grip on all your debts you might want to pop over to the debt free board for really good advice to attack it all.  Great advice available there!!!

Thank you - I was thinking small balance first then reverting to the highest balance - majority are 0% but not all!  Which board please 

TadleyBaggie

Hamiltonc said:

Which board please 

https://forums.moneysavingexpert.com/categories/debt-free-wannabe

p00hsticks

Hamiltonc said:

Brie said:

I like the idea of nuking a small balance just to have that achievement of one less to deal with.  But standard thought is that you put as much as possible on the debt with the highest interest rate as that's costing you the most.  So minimum plus £1 on the rest and everything else on the high rate one.  Once that's clear move to the next one down.  

If you want to get a better grip on all your debts you might want to pop over to the debt free board for really good advice to attack it all.  Great advice available there!!!

Thank you - I was thinking small balance first then reverting to the highest balance - majority are 0% but not all!  Which board please 

For best effect, you should be looking at the interest rates rather than the balances....

lr1277

You should also look at the dates the 0% period ends. One thought is to clear them by the end date, with the card with the soonest date first.

But that does depend on if you have months or years before the expiry of the 0% rates.

fatbelly

Get as much as you can to 0% and clear the highest interest debt first

Nasqueron

As soon as you clear a card also, see if there are any offers for 0% BT even if only 12 months

May be worth a try for a poor credit BT card as well, even 6 months on Cap One is breathing room to stop accumulating interest

Hamiltonc

Here is my list - n/a means there isno promo rate, it's in order of balance