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I owe money to a number of credit card companies. Does it make any difference who I pay off first?
I owe a number of credit card companies small amounts and a few large amounts. Does it make any difference who I pay off first?
Your credit rating will suffer if you miss payments or default. If you are having trouble making all the payments you can always try and negotiate reduced payments with the lenders of the larger amounts. Make up a Debt Management Plan, submit it to the lenders and ask them to freeze the interest. You can do all this yourself. Contact the Citizens Advice Bureau or National Debtline or any other local organisation to get free advice. Alternatively you can download the forms and ask advice on filling them in from this site.
If you are not bothered about your credit rating and are considering defaulting it is unlikely the lenders or debt collection agencies will pursue you vigorously for small amounts. However you must be prepared for annoying telephone calls and letters for many months and years to come.
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