Please advise: Should I take BT from hsbc?? and snowball??

vic84_2

Hi People! please advise.....

I have credit card bills of:
Virgin 7000 (limit full)
Hsbc 5500 (limit of 10,000)
Halifax 4000 (limit full)

I want to start snowballing Hsbc and have just been offered by them a BT of 4000 (up to my limit) from another card (virgin or halifax) on a 6month 0%...

Also I have been offered 6months LOB (5.9%) from Halifax...

So should I:
1. Put Halifax 4000 onto Hsbc (0% 6mnts) so then Halifax is clear!
2. Then transfer 4000 from Virgin onto Halifax (LOB 5.9%) so Virgin has 3000 remaining

Hsbc = 5500 (16.9%) + 4000 (0% 6mnths) = 10000 limit full
Halifax = 4000 (LOB 5.9%) = 4000 limit full
Virgin = 3000 (16.9%) = 4000 on limit remaining.
I can then see what virgin offer and transfer 4000 from Hsbc onto lower rate??

Then I can start snowballing.....

Is this a good thing to do or not???

Please help
Vc

GeorgeUK

Anything that has you paying less interest is good, but is the 5.9% only for 6 months?

Might be worth seeing if Virgin have any offers on right now, but bear in mind that they have a history of increasing (sometimes doubling) the APR. How long would it take you to clear this if you pay the minimum to all and throw everything left over at the virgin debt?

vic84_2

Virgin havent offered me anything as I am in arrears with them...

I just spoke to virgin and they have said the apr is 29.9% so they have increased it...

the 5.9% on halifax is for life of balance..

should I do this then??

BeautyandtheBeast_3

hi there - welcome

after the stories about Virgin if i was in your position i would tempted to move it away from Virgin when the 0% runs out . Thats is def what i intend to do!!