First time balance transfer and the way forward

Powellie

I currently have £4500 debt on an HSBC M/C and £1600 on an Egg Visa.

They are both at their current limits and I would like to reduce my monthly payments overall.

What would you do?

Thanks in advance

Powellie

grumbler

Powellie wrote:

...They are both at their current limits and I would like to reduce my monthly payments overall.

Egg's minimum payment is 2%. You cannot pay less with other cards. Only MBNA cards have lower minimum payments during introductory periods. HSBC minimum payment is 3%. You can transfer balance to a card with 2% payments, BUT:
Danger! Avoid Minimum Repayments

Visa or Mastercard doesn't matter. What is really important is APR.

What would you do?

Where to Start with Problem Debts?
The Best Balance Transfers: cut the cost of existing credit card debts

http://www.stoozing.com/0fees.htm

Powellie

Dear Grumbler

Thanks for the quick advice.

Therefore would you transfer both amounts onto say Amex Plat at 4.9% as Martin has mentioned? Or just transfer the larger amount first?

Thanks

Powellie

grumbler

Powellie wrote:

Therefore would you transfer both amounts onto say Amex Plat at 4.9% as Martin has mentioned? Or just transfer the larger amount first?

I'd transfer as much as possible. Partial transfers are possible. However, low LOB rate cards are known to give low credit limits (even if you are lucky to be accepted). And Amex minimum payment is 3%, so your monthly payments can rise, although most of this money will go towards the debt repayment now. There is IF low LOB rate card with 2% monthly payments. For other cards see http://www.stoozing.com/0fees.htm (bottom of the list).