Which debt now?

kashton_2

As u can see from my signature i have managed to clear a drop in the ocean and i cant tell u how good i feel about that!

Can anyone help me and tell me which one u think i should be focusing on next? obviously i have limited funds to play with at the moment but getting debts cleared has given me a real buzz, i guess i just need some advice from the experts!

Should i go for the next lowest or concentrate on one of the higher debts?

sammiboo

Your barclays says 0% do you know what the other debts interest is?

You want to concentrate on whichever has the highest interest rate really.

Shineyhappy

Have you set up a repayment deal with the council to clear your council tax arrears?

Usually we clear either the smallest debt (to boost our ego) or the debt with the highest interest rate (to minimise the amount of interst we pay) but you maybe should clear the council tax first as that is a priority debt.

Good luck on your debt free mission! It always feels great to have one less creditor to worry about!

kashton_2

I think the TSB one is something like 13.9 or 16.9, not too sure without goin thro a mountain of paperwork rite now, we got the £1080 taken off and paid to barclycard, studio has minimum interest per month and has a fairly low balance left to pay, we have 1 loan (for our honeymoon) which we pay back at £150 per month and our tv loan with hsbc at about £30 a month for 48 months which only started this month we are goin to pay off as much of this as we can here and there to bring down the amount of payments tho, the rest, as far as i can remember dont charge us any interest at all, the council tax arrears will be paid of in the next 3 months, (might have to put this months payment on to one of the cards tho) but working extra will pay off the last 2 months so not so bad

Thanks for any help tho

sammiboo

Rather than trawling through paperwork you could just phone them up and ask them. You should know what you are paying in interest then you know where you are with your debts.

When I had 15k+ worth of debt. I didnt know what interest I was paying if it was good or bad i just never thought about it.

When I started on my mission to pay back everything i owed I moved my debts around so I was paying as little as possible. I did concentrate of the smallest debts first though if i am honest, just felt more of an achievement to tick another debt off my list.

Numpty_Monkey

:j Hi kashton
well done :T on clearing your homebase debt, bet you feel well chuffed:T

just a little thought have you had a look on the snowball calculor?
because in three months when you've cleared the priority debt of council tax, you will have £400 a month to through at your debts, and a lot of your smaller ones will go quickly
my sugestion is go for the highest interest rate first. and

I was gonna post a well done on your earlier post, but had a few probs with site going slow again, anyone would think :money: had been on telly again:rotfl: :T :A

hope that makes sense

xx

taxi73

Well done so far ..you are doing well...next has probably got a high interest rate so I would tackle that one but without proper interest rates I can't really help.