Money maximisation/credit card debt.

BigTone

Your'e right, I am not banking on being approved for anything, but do you think its worth a shot? for the chance at a balance transfer/promotional offer.

Just to get rid of the whopping rate of interest I am paying.

Brian64

BigTone wrote: »

Your'e right, I am not banking on being approved for anything, but do you think its worth a shot? for the chance at a balance transfer/promotional offer.

Just to get rid of the whopping rate of interest I am paying.

As others have said think it will be hard to get a good 0% deal with the amount of credit you have.You could try one of the sygma cards they seem easier to get that some of the other 0% cards. If you can get enough limit to clear one card you could then start to shuffle the debt around the other cards

BigTone

Had a play around with the snowball calculator.

I am going to clear the highest rate card first then start to work my way down.

14months, here we go.

Cheers all for your advice

Degenerate

BigTone wrote: »

Had a play around with the snowball calculator.

I am going to clear the highest rate card first then start to work my way down.

14months, here we go.

Cheers all for your advice

As you will be clearing the Barclaycard first, there is a possibility that you can benefit from their existing customer 6.9% life of balance offer. I very much doubt they will offer it to you now - they obviously consider you a risk as they have you on such a high rate, but it's worth asking. Assuming they don't drastically reduce your limit to nothing once you've cleared the balance, you may qualify for the offer in 6 months time or so - if you carry on as you are, then your credit profile should look much better then.

BigTone

Hi, Just an update,

Cleared the Barclaycard and the Vanquis so now I am over £100 per month better off (to plough into other cards!) Making progress, steadily.

By next Christmas I should be in a position to save a bit for a mortgage.

Thankyou all for your advice/support.