Best way to pay off multiple

Hamiltonc

Best technique to pay off multiple credit cards?

They are all of different balances and some are 0% and some not 

The top 3 are around 5500 each and the lowest few are say between 900 and 2500

Help would be appreciated 

elsien

Pay off the ones with the highest intrerest rates first? 

Hamiltonc

Yeah many are 0%, some are interest but not many 

The balances vary so it's difficult to put together a plan 

pramsay13

Pay off the one with the highest interest, then the next highest etc. 
Leave the ones with 0% until last. 
Then cut them up and stop using them. 

eskbanker

Hamiltonc said:

Best technique to pay off multiple credit cards?

They are all of different balances and some are 0% and some not 

The top 3 are around 5500 each and the lowest few are say between 900 and 2500

Help would be appreciated 

Hamiltonc said:

Yeah many are 0%, some are interest but not many 

The balances vary so it's difficult to put together a plan 

That's a pretty poor excuse to be honest - even if you have so many cards that you can't readily share an accurate picture of balances and rates, then the first place to start is to make such a list and use it to form a plan.

You've already started at least three threads this year asking much the same question, so if you're serious about getting after a pile of debt, then taking on board all the helpful advice you've been given before would remain the obvious place to start, including posting on the debt-free wannabe board - at the risk of stating the obvious, you won't achieve anything by just talking about it and need to start taking actions....

https://forums.moneysavingexpert.com/discussion/6498113/multiple-credit-cards
https://forums.moneysavingexpert.com/discussion/6556888/reducing-credit-card-debt
https://forums.moneysavingexpert.com/discussion/6548772/debt-advice-credit-cards

Hamiltonc

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

Emmia

I think the crucial questions are

1.How much money do you have to throw at the debt?

2. (More fundamentally) How did you get yourself into that much debt, as you need to (once you've paid it off) avoid going back into debt, which involves behaviour change.

There are arguments about paying off small balances as it feels psychologically better - so the £471.05 and the £940 balances could go quickly - but that depends on what money you actually have available to make the payments.

I would also close those cards which currently have a zero balance, and each card in turn as you pay it off.

Edit: that all appears to be nearly £40k of debt.

eskbanker

Hamiltonc said:

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

That's a pretty extensive list but it's where you need to start your plan - if you don't already have the information on other columns within that sheet then you need to include data about interest rates and monthly minimum repayments, but, as above, the amount (and frequency) of money you have available for repayment is important too, i.e. are you able to exceed monthly minimum repayments, and if so, by how much?

Caz3121

my view would be that all the ones on 0% should pay minimum payment + £1 (so it avoids the minimum payment marker)...maybe DD for minimum and manual payment for £1
Then throw as much as possible at the highest % rate first
Important as said to work out how much you have available each month to service these debts, what the total of the minimum payments is and the % rates on each card

Hamiltonc

Thanks all - it's a mixture of a previous car balance, holidays, wedding etc 

I don't spend on any of those so the balances are static 

I pay minimum payment plus a little bit but no real plan around what ones to reduce first 

eskbanker

Hamiltonc said:

I pay minimum payment plus a little bit but no real plan around what ones to reduce first 

But you haven't answered the questions about how much you could pay off?