im getting stuck.

JBsplit

i have now got to many cards,
halifax £1600 std rate
egg £2000 0%
natwest £1500 std rate
loyds £2000 0%
cap1 £4000 0%

after some jigging around this is what i have egg is 0% lloyds is 0% cap1 is 0% but the halifax and natwest are not, there isnt enough spare balance to move these two onto 0% so what do i do,i cant get another 0% card ( i tried and failed)

my wife has a cap1 card with nothing on it and a limit of 10k at 3.9% for life so do start moving it all accross before they all come back on the standard rate.?

i can just afford the payments and i also pay extra when possible but when they all hit the standard rate again at the end of the year it might be difficult to keep up.

Milarky

You should start by moving the non-Cap 1 debt that is at standard rate - that is NatWest and Halifax to the Wife's Cap 1 card. Depending on the terms of that Cap 1 offer - if you can only transfer all the debt at the same time then you should do so IMO - as total debt can be accommodated on the one card. You would have to feed your own Cap 1 card with £4000 on it to a non-Cap 1 card first which complicates matters a bit. By transferring the whole limit 'from' Egg* to wife's Cap 1 card you can pay off all the other 0% debts in sequence if you prefer - including your own Cap 1 card - but certainly can pay off the standard-rate cards straightaway - in order to generate an immediate benefit. Assuming that you can't afford to repay this debt from own savings (or else you would have done so already) you will have to take the full available LOB debt from Cap 1. That means you should aslo keep back a portion of the cash moved to egg in temporary savings - even if the net rate on these is less than 4% pa - definitely not be tempted to spend any of this - and pay off the 0% cards as they fall due.

Edit: Opps! I see you can't accommodate all that debt - you are about £1000 short of being able to do so! That does not change the basic approach though. You would try to save £1000 needed to pay longest remaining 0% card off in the time available before the end of that promo period..

*That means paying off the Egg card and putting it into a postive balance and then paying this positive balance to yourself initially. Hopefully there won't be any Fee from Egg if your 0% is an anniversary 0% and you do so after the first month is cleared.

blacksta

My only advise is to move all credit debt to the 3.9 cap1 card reason being the fact when the 0% rates expire i can guranaty that the debt will cost you more.

JBsplit

thank you, i have tried to things right by switching over to as many 0% as possible but as i have found out it all comes to a grinding halt when nobody will give you another card to move things to. so i guess the 3.9% is the lesser of two evils,
with god as my whitness i will never use a credit card again once this is sorted.

galileo

You need to read Martin's article on the credit card shuffle for a full explanation of what to do in your situation.

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1102335753,51771,