Transferring money...

mark_steps

Ok i know the title is vague, my apologies. I owe about £8000 on cards and at 24 im ashamed. Whilst my mates go out drinking, im working as many hours OT as i can. Since i met my partner, we took on the debt together. Now we hope to pay of one credit card in Feb, which is £1000. Let me explain that i have 4 cards all maxed out.
Card one is at £1250, card to the same and cards 3 and 4 at £2800 (roughly). My partner says once we clear card one, we should transfer £1000 back on as card 3 & 4 interest rates are like £50...
He says that means i will get a better rate, ie 0% but i explained it wont work like that. if my APR is lower then it will work, but if itd higher, then forget it. At the mo, i dont know, so i can ring and find out...

Can you tell me who is right?

thanks

PS ID like to do my signature with all the debt i owe, but id be too ashamed...

GlennTheBaker

I would have thought that the best way forward would be to use this site's articles on credit card balance transfers (here) and decide the best way forward.

mark_steps

Thanks mate

wigginsmum

No need to be ashamed at putting it in your signature; I find it a real boost to be able to upgrade mine as the total goes down.

Work out the % rates for all four cards; have a look at this snowballing guide:

http://www.whatsthecost.com/snowball.aspx

Jules

mark_steps

Just worked out what i owe! It is very scary so i have put in in my sig!

wigginsmum

Well done - you now have a game plan!

Jules

GlennTheBaker

Best of luck, pal. Don't be afraid to ask anything on these boards - we're a proper friendly lot!