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    Credit Card payments - which method is best ?

    Can someone tell me which is the best way to go about paying off credit card payments

    If you've got 5 cards, each with around £80 min payments

    Which one would i clear first?

    The one with the highest interest or the one with the lowest interest, Yes i know it's probably quite obvious to clear of the one with the higest interest but i thought if paying of the one with the lowest interest it would be easier to get it out of the way and then start with the next one up.. ? Barclaycard are charging me £107 on interest every month

    17 Comments

    Highest first as you will pay less money off in the long run and will be quicker.

    i would clear the one with the highest first

    Original Poster

    dananana;7741424

    Highest first



    so should i just pay the absolute minimum on my other cards and pay whatever i have on the one with the highest interest?

    Original Poster

    xxjadexx;7741447

    i would clear the one with the highest first

    cheers :thumbsup:

    Can't you consolidate them all onto one of your cards? I would check and see if any of them will offer this.

    might be worth ringing all of them and asking for an interest freeze, say your circumstances have changed and appeal to their better nature, you never know, even if 1 agrees its something. Better still apply for a 0% card and transfer some/all over.

    Your credit should still be good take out a new card with o% interest if poss.
    Or see if the card with the lower apr will transfer the balance from the other cards so less to pay.

    Also look at this it might help.

    This is sound freeeeeeeeee advise

    moneysavingexpert.com/loa…lan

    punji;7741449

    so should i just pay the absolute minimum on my other cards and pay … so should i just pay the absolute minimum on my other cards and pay whatever i have on the one with the highest interest?



    as long as its over min payment amount yes :thumbsup:

    What percentage are you paying on each card?

    Original Poster

    deb8z;7741493

    What percentage are you paying on each card?



    ive got no idea, i've lost track since all these payments have been getting on top of me

    Barclaycard balance 5897, interest charged 107£, minimum payments are £133, i pay 150

    punji;7741519

    ive got no idea, i've lost track since all these payments have been … ive got no idea, i've lost track since all these payments have been getting on top of meBarclaycard balance 5897, interest charged 107£, minimum payments are £133, i pay 150



    I ask because if it's overly high you can try ringing them and asking to lower it,i know people who have done this.

    It should say what percentage you're paying on your statements:thumbsup:

    punji;7741519

    ive got no idea, i've lost track since all these payments have been … ive got no idea, i've lost track since all these payments have been getting on top of meBarclaycard balance 5897, interest charged 107£, minimum payments are £133, i pay 150



    Have you thought about to the CAB to get some financial advise as they should be able help you.

    Original Poster

    dananana;7741560

    Have you thought about to the CAB to get some financial advise as they … Have you thought about to the CAB to get some financial advise as they should be able help you.



    I was, but theyre so hard to get through to because of the timings you have to call in for advice. If i ask them to decrease the interest and say that may circumstances have changed, wont that affect my credit history, meaning im unable to pay my payments, i always pay all of them on time but i just feel that the interest is too high.

    punji;7741588

    I was, but theyre so hard to get through to because of the timings you … I was, but theyre so hard to get through to because of the timings you have to call in for advice. If i ask them to decrease the interest and say that may circumstances have changed, wont that affect my credit history, meaning im unable to pay my payments, i always pay all of them on time but i just feel that the interest is too high.



    Your credit history won't be affected if you ask for the rates to be lowered.

    You need to know what they are first though so you have an idea before you ring up:thumbsup:

    punji;7741588

    I was, but theyre so hard to get through to because of the timings you … I was, but theyre so hard to get through to because of the timings you have to call in for advice. If i ask them to decrease the interest and say that may circumstances have changed, wont that affect my credit history, meaning im unable to pay my payments, i always pay all of them on time but i just feel that the interest is too high.



    no it wont because you are still making the payments, the best thing you can do in these situation is keep contact with the companies and keep a record of calls, times, dates etc. They have a duty to assist and as long as you dont stick your head in the sand (record of contact as proof) then should you have to go through a solicitor for help they can not say you havn't tried to do anything. Hope that makes sense :oops:

    Original Poster

    michelleleemoo;7741645

    no it wont because you are still making the payments, the best thing you … no it wont because you are still making the payments, the best thing you can do in these situation is keep contact with the companies and keep a record of calls, times, dates etc. They have a duty to assist and as long as you dont stick your head in the sand (record of contact as proof) then should you have to go through a solicitor for help they can not say you havn't tried to do anything. Hope that makes sense :oops:



    yep, it does, will give them a call tomorrow see what they say, its even harder to explain when your put through to the call centre abroad

    Thank u, and everyone else who helped

    punji;7741855

    yep, it does, will give them a call tomorrow see what they say, its even … yep, it does, will give them a call tomorrow see what they say, its even harder to explain when your put through to the call centre abroadThank u, and everyone else who helped



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