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Credit Card Conundrum
SallyGemini
Posts: 11 Forumite
Im looking to start paying off my debts by clearing my credit cards first.
Between us me and hubby have 6 credit cards, ranging from 18.32% to 33.94%.
Do I start with the one with the highest interest rate first and work through them in descending order or start with the highest balances first (even though 3 are in the £1500 region)?
Thoughts please?
Between us me and hubby have 6 credit cards, ranging from 18.32% to 33.94%.
Do I start with the one with the highest interest rate first and work through them in descending order or start with the highest balances first (even though 3 are in the £1500 region)?
Thoughts please?
Capital One £1,593.22: Barclaycard £491.28: Lloyds TSB £3261.77: Aqua £1750: Simply Be £520 : Littlewoods £55.01 : Additions £657.01 :
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Comments
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Hi sally and welcome!
Yes. start with the highest interest rates first.
try looking on https://www.whatsthecost.com snowball calculator to help you work it out!
...Linda xxIt's easy to give in to that negative voice that chants "cant do it" BUT we lift each other up.
We dont count all the runners ahead of us & feel intimidated.
Instead we look back proudly at our journey, our personal struggle & determination & remember that there are those that never even attempt to reach the starting line.0 -
Hi Sally,
the cards with the highest interest rates need to be cleared first as they are costing you the most!! You then need to work through the rest in order of paying them off from highest to lowest..
Hope that helps..caz876 :T :j
:j Proud to be dealing with my debts:j0
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