Advice on getting out of debt.....

desperate_housewife_4

Have around 13,000 spread over 5 credit cards.... looking for advice on best options for clearing these debts. Don't fancy transferring and having further credit cards....advice if anyone else having same problems?? Just paying minimum payments and it's crusifying!!

GettingThingsDone

Hi - and welcome to DFW!

One excellent place to start is the snowball calculator at http://www.whatsthecost.com/snowball.aspx

Be sure to use accurate numbers - it's worth sitting down when you review the results of this!

Let us know how you get on and I'm sure we'll find ways of helping out...

gtd

GeorgeUK

If you are not comfortable getting new creditcards to take advantage of some of the 0% promotions, have you tried transferring your higher APR debt to any available credit on your lower APR cards? Or perhaps transferring so that the card with the lowest balance gets cleared. Some banks offer an incentive for you to keep your account open when you have a nil balance - this way you may get some low interest life of balance transfers without requiring a new card - then repeat to clear the next card.