0% balance transfer or long term CC

wessex12

New to this forum but thought i get some advice:

Have 4 credit cards between myself and husband:

Virgin - £3,520.00 0% deals ends December 1st (mine)
Virgin - £3,720.00 " " " " " (husbands)

Capital one - £732.01 20.780% (husbands)
Capital one - £941.32 14.880% (mine)

Is it best to go with a 0% transfer or a long term credit card?
Would you combined all debt or get separate cards.
Haven't tried anybody yet but know i need to do something.
Check experian: mine is 999/1000 (9/4/2009) and my husbands is 984/1000 same date.
Any help appreciated

Moggles_2

Welcome to MSE!

Is it best to go with a 0% transfer or a long term credit card?

There's no perfect solution that suits everyone. Have you estimated how long it will take to clear your debts in full?

Martin's *Best Balance Transfers* article explains the pros and cons of 0% and life-of-balance deals and how to decide

http://www.moneysavingexpert.com/cards/balance-transfer-credit-cards#choosing

Would you combine all debt or get separate cards?

It's rarely a good idea to rely on one provider. I would definitely apply for separate cards with different lenders.

Some banks are offering good deals to existing customers at the mo. May I ask who you bank with at the mo?

Any

I don't think it makes any difference whether you combine them or not... The question is whether you get enough credit on one card to be able to combine them.

How much are you going to repay a month? Without that it is difficult to advise whether LOB is better then 0% BT.

Any

Today you are quicker Moggles!!:rotfl:

wessex12

Thank you for your replies, i am currently with LLoyds and have been for 25 + years.
We each currently pay £50 to £60 pounds off each card.
Will take a good couple of years to pay back.

Any

Do you really mean £60 of EACH card? So you repay £240 a month? £60 off even the ones with the with small balance?

wessex12

Yes just to try and decrease them

Any

Well I would firstly try another BT. BT is nearly always the cheapest way to repay a debt, but you have to be willing to change cards regularly when the 0% runs out.

Do Lloyds not have any special offer for their account holders? Most best deals (apart from Virgin but that one you already have) are from banks for current customers ONLY (NatWest, RBS, HSBC...)

I'll check what else is out there... I think Abbey has got 15 mths, but not sure whether it is for everyone or just for current customers..

wessex12

Thanks for your reply Any, i was contemplating a loan but already have one.

Any

Yeah, I know what you mean with the loan. It's best for some people - the ones that have loads of debts and hold loads of card and have no discipline. Your debt is not too bad to be honest. It is doable.

Santander is 15 mths 0% and I don't think you have to be current account holder.

Moggles_2

To maximise the 0% period, 13 months is currently available from Halifax on BTs made in the first 90 days. There's a 3% BT fee.
The minimum monthly payment is just 1% of the balance shifted
http://www.halifax.co.uk/creditcards/pluscard136.asp

Alternatively, you'd get until 1 November 2010 from Egg. A 3% BT fee applies.
http://new.egg.com/visitor/0,,3_84106--View_1763,00.html