help.....confused

thebull

Hi all can anyone please tell me if there is any way I can improve my financial situation on two cards that i have .
Barclaycard -£4030 at 0.561%
also on the same Barclaycard -£1601 at 0.514% both rates till debit paid.Limit on this card is £7,300 and I do not use the card it is just used for the low interest rate till debit is paid off.
Second card is Virgin which has a £1,540 debit on it at 0% but this deal ends next month .
At present I only make direct debit minimum payments to both cards .Any ideas about improving my situation please .
Regards

YorkshireBoy

thebull wrote: »

At present I only make direct debit minimum payments to both cards .Any ideas about improving my situation please .

Both Barclaycard rates are good (at 6.3% and 6.9% APR).

You need to either move the Virgin debt to Barclaycard (if they'll take it at the same rate?) or BT it to another 0% card. However, your minimum payments may well increase because you've been paying only £25 a month on Virgin. This will increase to 2.25% (over £35 a month) if you shift it to Barclaycard, or even 3% (over £45 a month) if you don't choose your next 0% card wisely.

There's obviously a very good reason why you're only paying the minimums, but you'll have to overcome this to find another £10-20 a month. At the risk of stating the obvious, if you can't restructure the debt you need to earn more or spend less.