BB_bunny's paying off debt POA...

BB_bunny

Hello all!

I've not posted since my first thread a couple of days ago... in which time I've been doing a lot of thinking about the quickest way of getting debt free.

At this precise moment in time I have about £20 to my name, pay day is on 25th :eek: however I am due a £140 refund from O2 which will be with me next week - Mr BB is expecting some funds to arrive in his account next week too, so we should be sorted for the end of the month!

Anyhoo....

At the end of July I am expecting a nice bonus in from work. If I finish on target I will be getting about £850 extra in my pay packet. If I go over target, it could be even more!

I have the following debts outstanding, and what I was hoping to do was pay off whatever I can with the money. Which would you pay off?

Egg card: £650 outstanding, 17.9%
HSBC card: £1473 outstanding 16.9%
HSBC overdraft: £800
Black Horse Finance: £1150 outstanding - finish date March 2009
HSBC Loan: £8400 outstanding - finish date June 2011.

At the moment I am only paying minimum repayments off them, and this is the first time I have actually had the oppurtunity to actually pay debts off, once and for all.

I was hoping to be able to pay off my Black Horse balance, as that would free me up £153 a month, which means I could then plough that into paying off the other debts. However I won't be able to do it all in July.

What would you recommend?

I'm sorry for the ramblings in the post - I just needed to put my thoughts accross to people who are in similar situations to me!!

kika

Egg card is highest apr so is costing you most so pay off first. Wish I had known this before!

cantcope

I'd definitely pay off the Egg card first as the highest apr. You never know they may then offer you a 0% transfer deal if they think they'll lose your custom.