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Need Help with Credit Cards!

chikflik43
Posts: 2 Newbie
Hi im completely new to this so please forgive me if I have posted in the wrong section. Basically have read and watched every piece of advice on the website but cant seem to find a solution.
Have two credit cards:
£3719 with Virgin (not sure what the rate is here but quite high as im getting charged £51 interest per month)
£1851 with Barclaycard @21.94%
Also have o/draft £800
The minimum payments for the above per month is £159 approx.
I cant get any new credit and dont see the point in credit card shuffling as they are both equally as high interest rates.
Can anyone help with another solution?
Thanks so much
Have two credit cards:
£3719 with Virgin (not sure what the rate is here but quite high as im getting charged £51 interest per month)
£1851 with Barclaycard @21.94%
Also have o/draft £800
The minimum payments for the above per month is £159 approx.
I cant get any new credit and dont see the point in credit card shuffling as they are both equally as high interest rates.
Can anyone help with another solution?
Thanks so much
0
Comments
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Hi and welcome
If you are not able to get new credit then its really just a case of tackling the debts as best you can and overpaying as much as possible. How much can you afford per month to your debts over the £159?
Once you know the APRs for all the debts and have worked out the maximum you can put towards your debts you could look at the snowball calculator to see which order to tackle the debts and how long they will take to clear - http://www.makesenseofcards.com/snowcalc.html
If you are struggling to pay much more than the minimum payments then you might want to consider completing and posting a statement of affairs on here for people to suggest areas you could save money to free up money for debt repayments. This is the statement of affairs calc - http://www.makesenseofcards.com/soacalc.htmlA smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0 -
Find out what the Virgin rate is. If it's a couple of percentage points either side of the Barcleycard then a shuffle might not be the worst idea. It'll save you in the long-term.It's only numbers.0
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Thanks very much for your suggestions and help, Ill go and post a SOA and also find out the rate on virgin card.
Its definitely good to hear other peoples suggestions instead of panicking all the time!0
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