Please help - where do I go from here?

rhiannond87

Hi there
I have decided its time to sort out my finances and my credit cards. I have three cards at the moment and I am only paying the min on two which means I basically only barely pay the interest off. I thought I could open a new account with 0% and pay off the £150 that I pay off a month to three seperate cards to just one.

So, the break down:
Virgin - 16.6% APR - £1530 - pay £25 a month
Sainsbury - 13.9 APR - £1020 - pay min approx £23 a month
Lloyds Duo - £2170 - pay £100 a month

so a total of roughly £4730 - which is rather scary.

What are my options please? I can afford to pay £150-200 a month. Would this cover the montly payments or would I be better off combining my Virgin and Sainsbury account and paying £100 off that and £100 off Lloyds?

Thanks

thriftymomma

The important thing to do is to reduce the balance more quickly on your higher interest cards. Then share out the rest that you can afford to pay on your others. There is a calvulator on here somewhere which allows you play arround with thevariables and decide which is the cheapest way forward. Good luck xx