credit card advice please

mattwhite1

Due to the wife getting very ill, we ran up a debt of 8k on a credit card. Now, paying it back is a struggle. I have not been able to secure a credit card with a )5 BT for the full amount, instead I have managed to get one for 4k from HSBC (should it ever arrive after reading similar posts here)

Naturally I want to transfer the full 4k to that card to split the interest accrued in half. Now, which card shuold I make the mostt effort to pay off?

The one that accrues the interest, or the one that doesnt? There are valid arguments for each. Basically we are going through stuff that can be ebayed to help us cut down on the debt, while giving us a clearout at the same time.

Help please.

Reaper

I'm slightly puzzled by the question, but your priority should be:

1) Pay off the minimum amount on BOTH cards if you possibly can. If you fail to do this your credit rating will suffer further and your ability to get any more cheap credit will disapear.

2) Any money left over after that should pay off only the card you are paying interest on.

If, however you are saying you can not even afford the minimum payments I would say pay the 0% card first. Why? Because if you don't they are likely to remove the 0% offer saying you have broken the T&C.

You should also read the articles on the main site giving advice about debt.