how to split my credit card payment and re-organisation

whatsonjack

Hi guys

I hope I'm on the right forum (or should it be the credit card one??)

Heres a list of my credit card debt

Card Orange Marbles
Balance 3700
Min Payment 73
Interest Rate £2K@6.1 till oct £1.7K@16.9
Limit 9500

Card Barclaycard Plat
Balance 1008
Min Payment 22
Interest Rate 15.5
Limit 1100 (reduced after I paid 2k off!!!)

Card Amex
Balance 1166
Min Payment 30
Interest Rate 1.6 per month (19.2?? pa)
Limit 1400

Card HSBC
Balance 4618
Min Payment 115
Interest Rate 18.9
Limit 6100


Right, this month I've got £2100 to throw at this but I'm not sure what to do with it - any help would be much appreciated. eg Am I better paying off (almost) the smaller ones first or going for the bigger ones??

Afterwards, any advice on a shuffle round to save me money

Thanks in advance

Whatsonjack

embarrassed_about_my_debt

Personally i would get the Amex card cleared completely as this would a mean that

a) your most expensive debt is out of the way
b) you'll have once less bill to pay per month then
c) you can cut up a card :j

Is the 2100 including the minimum payments?

NickWarren_2

Always look at the higher intrest cards 1st, but that fact that you'd only just be short of being able to clear 2 cards would make me do that, cut them up and then bin them. SO i would clear the Amex and Barclycard.

whatsonjack

Thanks chaps:beer:

GeorgeUK

The Amex one appears to be 20.98% APR

I would clear the Amex and barclaycard, but don't close them straight away. Wait until you receive a statement with a nil balance, then phone them. Hopefully you'll be offerred an incentive to keep the cards open - 0% or life of balance (LOB - low interest). I would then ask if the limit could be increased for both and hopefully you could then transfer the HSBC balance. If you don't have enough of a limit for that, but can just about clear the Marbles card, then do that and then again wait for a nil balance statement and see if they will offer a 0% incentive to keep the card open. Then transfer the final balance.

There are a few if's and maybe's in there, but it all depends on what they offer you - if anything. If they don't make an offer and put you through to card closure i would hang up and try again a few days later.