Shall I almagamate or leave it as it is?

dimpski

Morning Everyone

I am posting this thread for some advice.

I joined a little while ago and have been reading everyday for hints and tips etc.
I am in the process of putting together our SOA - currently working on a spend diary for the month to see where money does go!!

Anyway what i want immediate advise on is some of our debt is over 2 credit cards

Barclay card owe £1244 credit limit £7300 interest rate 14.9%
MBNA owe £2750 credit limit £4000 interest rate 26.95%
Virgin owe £2820 credit limit £4000 interest rate 12.95%

I have received a balance transfer offer form Barclaycard that would end in Oct 10 - what i was wondering was to transfer both the MBNA & Virgin on to the Barclaycard OR even just the MBNA card. Pay a little more than my minimum payment and use the extra to through at clearing some of the little debts eg Post office £350 & another virgin credit card of £650. I have been trying to pay more off these so that can get rid of the number of cards we have with a view of then being able to apply for a longer balance transfer card for the excisting debt. Hope I am making myself clear on this.
Your advice would be very grateful.

LittleMissKitty

It would certainly seem sensible to transfer the MBNA balance, you'd save a fortune in interest even bearing in mind any transfer fee. I'd probably leave the Virgin card alone though, the smaller interest rate is going to work to your benefit even if it's just a little.

Kitty x

pepe2008

Transfer as much as possible to the lowest %, get a 0% deal if possible. DONT use the account you transfer to again....just pay it off.
Get rid of as many CCs as poss, too many is a temptation to spend.
If the Barclaycard offer doea not include a preferential rate, maybe you could ring them and ask for one? Worth a try.

talana

I have received a balance transfer offer form Barclaycard that would end in Oct 10

]

At your existing rate?
Most certainly move the MBNA balance over.
Leave the Virgin balance alone as its currently cheaper than your Barclaycard.

DVardysShadow

That is Balance Transfer at 0%? It's a no brainer to transfer MNBA and close it. In your position I would also transfer say £2500 of Virgin, but leave the card open if you can. Who knows Virgin may give you another balance transfer offer.

Need to see your SoA, unless you are tight on meeting minimums, you should pay down the highest APR first, so never mind the Post Office and the other Virgin Card if these are lower. Plus don't use any reduction in minimums as an excuse to pay less against the cards than you are doing already.

dimpski

Thanks for your comments.

I am defo going to transfer MBNA and will think about Virgin.

Thanks
:beer: