Which should i pay first

Bojewyan

I have 4 Credit Cards (A) (B) (C) and (D)

Credit Card (A) I clear the total debt monthly and use this for my general living expenses - I incur no Interest.:j

On (B) (C) and (D) I make the Basic Monthly Payment by DD, and I make no new monthly purchases.:beer:

I now find I can pay back 400.00 per month to reduce the debt on (B), (C), and (D).:T

The Credit Card Details are

Credit Card (B) I have 100.00 of Ordinary Purchases at 15.4%, and 2500.00 Balance Transfer at 0.0% for 10 months.:mad:

Credit Card (C) I have 2350.00 of Ordinary Purchases at 24.9% and 1500.00 Balance Transfer of 5.5% until cleared.:cool:

Credit Card (D) I have 1600.00 of Ordinary Purchases at 17.9% and Balance Transfer of 2.9% until Nov 2009.

What would be the best way, and on what Card should I pay off theis 400.00 per month.:rolleyes:
Your help urgently needed

Thanks Bojewyan

GonzoAston

Could you be skint for a few months and use Credit card A to pay the rest off (if the balance is enough) then close B C and D down and just use A?

ETA: I mean as in paying off 1 card each month or so.

Bojewyan

The unfortunate thing is that I have no Balance Transfer Facility on the (A) Card. Obviously I could apply for one, but I do not think they would agree with a Balance Transfer large enough to clear off (B) (C) and (D).

GonzoAston

What about if you phoned CC B and made a card payment from CC A and then closed it down. Then your wages (im pressuming) would go into CC A and next time you pay off what you can afford off C and so on.

Its hard to judge without knowing the ammount you can afford, and the limit on CC A.
Will be hard for a while to live off, but if you plan it all out, im sure you could do it eventually

ETA: Thats sounds like your own Debt Management Plan to me anyway. So if you're paying £400 between the 3 left, call them and as them to stop interest and pay what you can afford.

jd87

How much BT is on card D?

If you can't get a 0% balance transfer deal from anywhere, (either with card A or a new card), then perhaps you could get a low rate life of balance card to pay off C and maybe D.

If not then the only thing to do is pay your extra money off C.

Degenerate

It's quite a complicated mathematical problem. You really need to stick all the figures into a spreadsheet to solve it.

Joe_Bloggs

Martins advice is to Never, ever, ever, ever spend on a card after a balance transfer. It may be worth paying the extra towards the card with the highest interest.
J_B.
There are lots of other excellent tips under the Card/Loans section at the top of the forum page.

Bojewyan

I agree that once you have made a Bal Trans then never use the card until you have cleared both the amount transfered and what was on the card prior to the Transfer.

I am aware that any payment comes off the transfer first as it has a lower interest rate, and only when it is cleared then you start paying what was on prior to the transfer, and this is at much higher rates. So aby new purchases you will pay high interest on until you clear the low or zero rated Bal Trans. Thanks You Very Much

anotherpaul_2

As jd87 said, we need to know the BT balance on card D, which you missed.

Also, knowing who the issuers are might be relevant too. Some cards commonly offer existing customers nice low-interest deals.

Presumably you're not in a position to get a new card with a introductory BT deal?

C does seem like the strongest candidate for paying off first.

Bojewyan

Sorry so late in replying - Bank Holiday Weekend. On Card (D) I have 2250-00 on Balance Transfer.

Hope this helps

Bojewyan

And thank everyone else for their advice - it has been most useful.

withnell

As BT will be paid off first, Card C all the way