Which CC should I clear first?

Poosmate

ElJayco wrote: »

I can't get any new cards for 0% though could probably move some of the debt around on current cards to reduce the APR but obviously there would be charges for that.

Not necessarily. I have managed to swap my debts around without incurring the balance transfer fees. It does depend though on how much you are looking to transfer and you need to be very disciplined and if you need to transfer quite a large amount it may take a few months.

When I wanted to transfer some of my debt I used the card with the lower interest rate (that scared me a bit as I've weaned myself off my cards, but needs must and I was strong). I paid for stuff like petrol and shopping (say £60 a week) and then paid £60 off the card with the highest interest rate out of my current account (which is where the money for shopping and petrol would have come from).

It's ok doing it if you only have the odd £200-£300 to swap around but it does depend on what disposable income you have and you do need to make sure you pay that off the higher rate card rather than leaving it in your account to be spent!

Works for me anyway.

Poo

johncarlton

Speak to all of the credit card companies, tell them you want a reduced interest rate. If you cry poverty they should reduce it so more of each months payment is going off the capital amount. Ask them to ensure the reduction does not appear on your credit file (it shouldnt do but check for yourself first)

Only then do you decide which one to clear first.