Credit cards B/T QUESTIONS

sashanut

Hi there

I hope someone can give me some advice re my credi card debts. I have big credit cards debt spread over about 8 cards & have had no luck so far in gettin a 0% deal. I have though got 2 egg cards which are offering me anniversary 0% deals; trouble is they have large balances on them at the moment. Egg Card 1 is currently offering 0% anniv on BTs but debt is £7057 & limit is £8800. Egg card 2 is offering 0% anniv from June-Nov; but debt is £13825 & limit is £15000. My question is please:

Would it be best to BT to card 1 now or just throw money at card 2 & then BT later?

Or not use this facility at all & just throw money at the highest interest debt?

Our income is flexible so I am not sure how much we can pay off per month - currently we are paying the min via DD just to avoid forgetting to pay. This month I paid £500 extra off the highest I/R debt.

Any help would be much appreciated; I feel in a total muddle!

TIA

Sasha

grumbler

This Martin's article could give you some idea: Egg Loophole - Guaranteed 0% year after year. You need some other CC with high limit and low balance.

sashanut

Hey thanks Grumbler for that super speedy advice & link. Trouble is I have no cards with a high limit & no balance...they are all maxed out. If I can spread the smaller debt amongst the others...maybe that would help, then put it all back on egg?

sasha

grumbler

sashanut wrote:

... Trouble is I have no cards with a high limit & no balance... they are all maxed out...

I knew this ... Did you try asking to increase your limits? Maybe they will even offer you some lower rate on BTs.

sashanut

yes...I tried Mint - called to ask if they could reduce the I/R - they responded by sending me a letter saying they understood I was closing the account! Tried barclaycard; try again in 3 months was the answer. I think NO is the answer from all of them, but I haven't tried all of them....it's a tough one but thanks very much for the advice & link.

BTW - I know that the balance will revert from 0% to 15% or whatever once the 0% is finished - but that is still a better rate than the 26% we are currently paying on A&L...so it might not be a bad idea. I just don't want to get caught out any more & am at a loss what to do for the best when the strategies of a new card or 0% son't seem to be open to me?

TIA

sasha x