Shifting Creditcard Debt around - Please help!

donnap83

Hello!

Can someone give me so advice please. I currently owe

£595 on my Aquacard, with APR of 39.9%, limit of £1000
£1726 on Vanquis, with APR of 49.9%
£0 on Capital One, APR of 34.9%

What i'm thinking of doing is doing balance transfers from the vanquis to the other cards, tranfering £300 to the Aquacard, and £400 to the Capital One card, leaving a balance of about £1000 on the Vanquis.

Is there any point in doing this, will i be saving any money at all, or is it just a waste of time?

I don't know whether I can get a better CC with a lower APR to balance transfer, me credit file is clear with no missed payments or CCJ's although I did previously, but it was more than 6 years ago so it's all disappeared. I'm wary of doing any credit searches incase i get turned down and am left with the search on my file.

For the time being I'm only paying minimum payments. Bad I know, but i'm getting married next summer so all my money is going into that, with a view to paying the cards off after the wedding.

Any advice would be gratefully appreciated!

CLAPTON

you would be better paying off these CCs asap as this will save a lot of interest and then save for the wedding with the money freed up.

donnap83

CLAPTON wrote: »

you would be better paying off these CCs asap as this will save a lot of interest and then save for the wedding with the money freed up.

I'm not really in a position to do this at the moment, the in-laws have paid for a wedding venue as a 'suprise gift', meaning that ALL my spare money MUST go towards the wedding to ensure that we will be able to pay for the rest of the wedding 'stuff'.

Once we've got £2000 saved I can then start paying off my CC's but can you see my predicament at the moment?

It's nice of them to pay for the reception, but I wished they spoken to us first!!