help with credit card debt please

HalfPint

Hi,

A little help and advice please.

My OH has 3 cards which we are currently paying off. They are not used at all (I don't even have the actual cards!) I have one card at 0% ending in July when it will revert to std rate of 16.9%

Capital One, Balance £1339, apr 23.29%
MBNA, Balance £2864, 2.5292% per month
Lloyds, Balance 5858.86, apr 18.9%
HSBC, Balance £1369.87, 0% rate til July then 16.9% apr

I currently pay:

Cap One, £40 per month
MBNA, £130 per month
Lloyds, £130 per month
HSBC, Min payment (£34.25) per month

I'm aiming to have these all paid off in 3 yrs and am currently paying the most I can from my monthly budget.

To achieve my aim, i need to tart, balance transfer etc etc (not to mention pay more when I can:D)

I am looking to take on another 0% but according to moneysupermaket I have a "good" score but unlikely to get accepted on most cards expect barclaycard. I don't want to wreck what score I have by applying and being declined!

Apart from the obvious paying more, does anyone have any advise on what I can do to help me achieve my aim? I'm just not sure of the best course of action now.

many thanks

_Persephone

Try using the Snowball calculator on https://www.makesenseofcards.co.uk - it should tell you what to pay in what order.

Even when your 0% deal is up, the interest still won't be as high as it is currently on your Capital One, which you should try and clear first IMO.

DVardysShadow

HalfPint wrote: »

Apart from the obvious paying more, does anyone have any advise on what I can do to help me achieve my aim?

Pay minimums and put all the surplus to the debt with the highest APR

HalfPint

Thanks for the replies.

_Persephone - thanks for the link, it's proving very helpful :T. Mbna is currently the highest apr and I'm chucking all the spare cash I have at that one already.

DVardysShadow - I'm doing that, although I am overpaying by a few quid on cap 1 and lloyds (about £25 in total)...so it would be better to put that extra £25 to mbna (highest apr) and pay the bare minimum on the others?

HP x

DVardysShadow

HalfPint wrote: »

...
DVardysShadow - I'm doing that, although I am overpaying by a few quid on cap 1 and lloyds (about £25 in total)...so it would be better to put that extra £25 to mbna (highest apr) and pay the bare minimum on the others?

Absolutely. MNBA are charging you 7% or something more than any of the others. So £25/month to MNBA rather than the next highest APR is as good as the interest from £25/month in a 7% savings account. About £20 in the first year, £60 in the second, £100 in the 3rd.