Paying off cards

JandM

Hi
I hope you can help....my gilfriend and I are wanting to pay our cards off but aren't sure of the best way to go about it. Do we get a loan and pay that off or transfer to one card and pay??? What do we do for the best. Come people help us become debt free!

Thankyou in anticipation.:j

tasha-debt

What cards do you have and what are the interest rates, balances, limits and min payments?

x

Tixy

Hi

How much are your debts in total?
How many cards are they spread over?
What are the APRs on the cards.

Generally we recommend the snowballing technique. Pay the minimum on all the cards except the one that has the highest APR and pay the max you can afford to that card until its clear.

Depending on your credit histories and how much debt you have and how much you earn etc then another option to combine with snowballing is to try to get a 0% card to balance transfer your most expensive debt to.

JandM

My girlfirend has one card with 9,000 I have two cards one with 9000 and one with 3500.:eek: God that's a lot when you wrte it down! i'll need to check on % APR etc. her's is on an RBS card and mine are MBNA life of the loan card and Platinum 1

Tixy

Hi

Have you done a statement of affairs to see how much you should have spare to put towards your cards each month? If not this is a really good starting point to taking control and helps you to look at if there is anywhere you can make savings or cutbacks so you have more money available.

http://www.makesenseofcards.com/soacalc.html

If you also post the results on here it will help us see you financial position better and we may be able to make more suggestions to help your finances.

JandM

Thanks Tixy, as soon as we've been to that link I'll post the amounts. Really appreciate it:D

snowball1972

JandM wrote: »

Hi
I hope you can help....my gilfriend and I are wanting to pay our cards off but aren't sure of the best way to go about it. Do we get a loan and pay that off or transfer to one card and pay??? What do we do for the best. Come people help us become debt free!

Thankyou in anticipation.:j

How does getting a loan to pay off cards make you debt free?