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    • INAMESS
    • By INAMESS 12th Mar 17, 7:29 PM
    • 95Posts
    • 3Thanks
    INAMESS
    Paying off cards
    • #1
    • 12th Mar 17, 7:29 PM
    Paying off cards 12th Mar 17 at 7:29 PM
    Hi i have 4 credit cards, 3 of which are near there limit. The total amount I owe is approx 5500, I'm thinking about paying them all off but am unsure of the best way? If I get a loan I'll obviously have to pay interest on it, I've thought about balance transfer but in the past I've found that you usually only get a 1000 limit on new cards that offer zero percent interest on balance transfer and I'm not sure it's a good idea to open lots more credit card accounts in order to pay my debts off. Any advice would be welcome....
Page 1
    • maas
    • By maas 12th Mar 17, 8:36 PM
    • 472 Posts
    • 323 Thanks
    maas
    • #2
    • 12th Mar 17, 8:36 PM
    • #2
    • 12th Mar 17, 8:36 PM
    You should target the card with the highest interest rate first. A 0% BT card can still help even if it only transfers part of one of the cards you currently have.

    However as you've said, opening more credit cards can result in more debt. It might be worth going to DebtFreeWanabe board and posting a statement of affairs. They can help you cut down your expenses.
    • INAMESS
    • By INAMESS 12th Mar 17, 9:51 PM
    • 95 Posts
    • 3 Thanks
    INAMESS
    • #3
    • 12th Mar 17, 9:51 PM
    • #3
    • 12th Mar 17, 9:51 PM
    Thanks for the message. My budget is not really the problem. I just want to pay these cards off in the cheapest, easiest and quickest way possible. Hard to know which way is best though, loan or more cards etc
    • maas
    • By maas 12th Mar 17, 10:09 PM
    • 472 Posts
    • 323 Thanks
    maas
    • #4
    • 12th Mar 17, 10:09 PM
    • #4
    • 12th Mar 17, 10:09 PM
    You could try the MSE eligibility checker for credit cards. Sainsbury's have a BT and no fee for 28 months at the moment.
    • Dobbibill
    • By Dobbibill 13th Mar 17, 3:45 AM
    • 2,101 Posts
    • 3,230 Thanks
    Dobbibill
    • #5
    • 13th Mar 17, 3:45 AM
    • #5
    • 13th Mar 17, 3:45 AM
    A loan to consolidate rarely works so I would avoid that.

    Work at overpaying the highest APR first. Whether you are paying one, two or five cards makes no difference so any deals you can get is just saving you money in interest. Throw ever spare penny you can at the debt.

    As one card finishes put that payment on to the next highest APR card as well as your original payment and so on.

    You can use the snowball calculator to see when your end date is likely to be.
    • MallyGirl
    • By MallyGirl 13th Mar 17, 12:17 PM
    • 1,947 Posts
    • 5,139 Thanks
    MallyGirl
    • #6
    • 13th Mar 17, 12:17 PM
    • #6
    • 13th Mar 17, 12:17 PM
    You might need to adjust your mindset - you would not be 'paying off' instead you are looking to move to a lower interest rate. Taking on extra credit is not paying off anything although it might help you to do so if you can get some of the debt onto 0%
    • INAMESS
    • By INAMESS 13th Mar 17, 3:02 PM
    • 95 Posts
    • 3 Thanks
    INAMESS
    • #7
    • 13th Mar 17, 3:02 PM
    • #7
    • 13th Mar 17, 3:02 PM
    Still a bit confused lol. At the moment I'm paying the minimum amount on the cards I owe money on which in total comes to about 100 pounds a month which to be honest is about all I can afford in terms of monthly payment, which is why i thought a loan with repayments around the same amount would be the better option? If I applied for more cards at zero interest it would affect my credit score and I guess I'd only get a low limit that I'd be able to transfer anyway?
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