Credit Card Debt

brianhaimwood

I have a total of £6.5k outstnding on two credit cards and all i'm doing is making the minimum payments by DD. Can you tell me what the best course of action is for me to reduce these debts, given that i am not able to pay them off in full but could afford to pay more than the minimum each month.

katsu

Pay what extra you can off the one with the highest interest rate.

hummy

who are the lenders?
I had a halifax credit card on which i was paying just the minimum. Spoke to halifax and they converted into a Personal loan with a rate of 6% compared to the 24.9% c/c rate. Helped me out tremendously, as now i know the paymets being made are actually reducing the debt.

save-a-lot

brianhaimwood wrote: »

I have a total of £6.5k outstnding on two credit cards and all i'm doing is making the minimum payments by DD. Can you tell me what the best course of action is for me to reduce these debts, given that i am not able to pay them off in full but could afford to pay more than the minimum each month.

OP answered their own question - that being pay more off. Balance transfer to a 0% deal and pay off as much as you can during the offer period