Wannabe Card Tart Help

Bennio_2

Hi,
I got a credit card 14 months ago with MBNA. It's a 0% balance transfer loan for 16 months, and I got a £2,500 limit on it. My time's nearly run out now, and since getting it, my wife's been made redundant, so even though I've been paying off the minimum amounts each month, there's still a lot on there. I applied to get another balance transfer card recently, which they gave me, but only with a £1,000 limit, which only covers my empty overdraft. Should I get another card to cover the amount, or is that just a slippery slope into multiple card debt?

Thanks

CLAPTON

it's the amount of debt that matters and not the number of cards
best is no debt; after that then the lowest APRs on the debt
and pay more than the minimum each month

shiny76

Bennio wrote: »

Hi,
I got a credit card 14 months ago with MBNA. It's a 0% balance transfer loan for 16 months, and I got a £2,500 limit on it. My time's nearly run out now, and since getting it, my wife's been made redundant, so even though I've been paying off the minimum amounts each month, there's still a lot on there. I applied to get another balance transfer card recently, which they gave me, but only with a £1,000 limit, which only covers my empty overdraft. Should I get another card to cover the amount, or is that just a slippery slope into multiple card debt?
Thanks

Does your new card do super-balance transfers (aka Money Transfers)? If not then you won't be able to use it to clear your overdraft.

Getting a new card on 0% for BTs won't necessarily put you on a slippery slope to more debt. As long as you are disciplined (i.e. don't start spending on the new card) then it should be a reasonable way to addressing the debt and buying yourself some more time to pay the debt off.

Best of luck!

blacksta

You might able to get away with another credit card application as you have only made one so far. But the ultimate question is " Can you afford more debts " You mentioned that wife has been made redundant thus no or limited income.

I would visit the debt section of this forum for more advice.

Bennio_2

Hi guys, thanks for your helpful advice!