Can anyone help with my credit card shuffle?

dancingbare · 12 March 2011 at 4:34PM

Hello, I'm pretty new around here, just wondered if anyone can help me with a credit card shuffle. My husband and I have quite a large credit card debt between us, which we really need to tackle. The upside is we are not currently struggling to service the payments and we do not spend any money on credit cards to fill any shortfalls (haven't for the last few years apart from our wedding). The downside is that all we pay is the minimum payments and the total balance for 7 cards is £18,000. We hardly make a dent in this as each month goes by.

I have worked out all the balances, interest rates, credit limits and any 0% offers etc. Can I just post this info here for help or is there an online tool I can use?
Thanks

Brighid · 12 March 2011 at 5:06PM

There is an online tool here:

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

If you fill this in it will help you to see what money is coming in and going out and how you can free up more to throw at the cards.

And people will help!

Brighid

CH27 · 12 March 2011 at 5:07PM

You could also try asking in the Credit Card section:)

Tixy · 12 March 2011 at 5:46PM

Hi dancingbare

Post all the info, balances, limits and any deals you have been offered and the total you can afford to pay towards them each month etc and people will be able to see if you can shuffle with your existing cards to reduce the overall amount you will pay.

dancingbare · 12 March 2011 at 6:04PM

Thanks for the replies. I have done the SOA and I will have more to throw at these debts but want to re-organise before I then up my repayments.

I want to be a DFW that's why i posted here but can try Credit card forum if you think it's best.

Tixy - here are all the gory details! I hope it make sense (wasn't sure how to format it!. Amounts are in order as follows:

CARD / MONTHLY PAYMENT / INTEREST RATE / CURRENT BALANCE / CREDIT LIMIT / AVAILABLE CREDIT / AVAILABLE OFFERS / BALANCE TRANSFER FEE

Virgin / 159 / 2.2071 per month / 6288 / 6600 / 312
MBNA /25 / 2.5292 per month / 853 /1000 / 147
Barclay card 01 / 40 / 27.9APR / 1777 / 5750 / 3973 / 0% till Feb 2012 / 3%
Barclay card 02 / 40 / 26.8APR / 2018 / 4750 /2732 / 0% till Sept 2011 / 2.90%
Egg / 132 / 26.9APR / 4206 / 5000 / 794
Lloyds /47 / 21.4APR / 2282 / 2550 / 268
Barclay card 03 / 14 / 27.9APR / 637 / 0

TOTAL 457 monthly payments 18061 total balance

Here is what I have worked out what I should do, any comments appreciated:
Move Egg balance (£2600) to Barclaycard 02 - leaves 3394 available on Egg
Then move Barclaycard 01 (£1777 to Egg) = £3383 on egg card
Then move Egg balance to Barclaycard 01 = £3383 on B’card 01 @ 0%
Then move MBNA to B’card 01 = £4236 on B’card 01 @ 0%
Then move barclay card 03 = £4873 on B’card 01 @0%

I will be charged roughly £221 in balance transfer fees for all of the above. (seeing as I pay £88 interest on the Egg card alone every month seems OK) This is such a head wreck trying to work out!