We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Best way to split £3k to pay off credit cards
Comments
-
My experience has been that if I pay a card off in full and stop using it, or continue to pay it off in full each month, I start to get 0% balance transfer offers on it. Halifax and Tesco have both done that quite quickly, Santander took longer. But obviously there are no guarantees.Credit card debt: £8530 £8071
Savings: £33631 -
for me snowball method, smallest to largest regardless of APR, then carry over that cleared monthly payment to the next debt. Physcoloigcally proven to work better for your average debt buster, down to head space and the small wins that keep you motivated. So start with CC3 then CC4I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings 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
Baby Step 6/7 . £18000 saved and invested. £47,000 deposit paid on new home DEBT FREE !!!2 -
Thank you everyone for your advice. It made me carefully consider my options. In the end, I decided to pay off CC1 £2k with the highest APR (34.9%) and although it makes more financial sense to then pay off a second CC (CC4 £1,200), I decided to reduce my overdraft from £1500 to £500 instead as it has more of a toll on me mentally and emotionally seeing my account negative/overdrawn each month
1 -
I think that was a good move. I would always prioritise dealing with an overdraft.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment 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.
Save £12k in 2026 Challenge £12000/£7500
365 day 1p Challenge 2026 £667.95/£296.46
Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board: https://lemonfool.co.uk/financecalculators/soa.php1
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.6K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.4K Work, Benefits & Business
- 604.3K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards
