What to do?

jockass

I have a 3 credit cards with a total debt of £8543 which is made up of the following cards.

Egg - £2,875 17.9% APR Credit Limit £5,000
RBS - £2,085 17.9% Credit Limit £5,500
Barclaycard - £3583 14.9% (0% until July 2010) Credit Limit £5,600

I have not completed a SOA but for info my take home pay is £1731 after tax. Off that £800 is paid to cover mortgage, food, household bills etc. I have roughly £400 each month that i could divert to servicing these debts.

I have received a couple of offers in the post with incentives to balance transfer. Barclaycard are offering me a 6.9% balance transfer for life of the balance and RBS are offering me 0% for 9 months. As these cards all have debt already i don't know if it is worthwhile. Obviously i want to find the quickest way to pay off my debts and am not sure if either of these offers is worth taking up. My strategy at the moment is to try and clear the RBS card before moving onto the Egg card and finally the barclaycard.

My question to the experts here is with the upcoming change in legislation from the Government making a favourable order of payment should i be transferring the debt from my egg card to the RBS and Barclaycard using the offers they have sent me?

Any thoughts would be gratefully received.

Many thanks
Jock

RAS

Look at the snowball on www.whatsthecost.com and see how much each option costs.

but the starter is you need to pay any extra off the most expensive debts.