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Advice on best way to manage my debts

Thai33
Thai33 Posts: 19 Forumite
edited 16 February 2012 at 7:21PM in Credit cards
Can anyone please advise me on the best way to manage my debts.

I had a credit card with 4400 outstanding debt on. which i always pay on time but the interest charged is killing me so im not getting it down as id like.

I have just recently swicthed 2200 to one 6 months 0% balance transfer card as my limit is only 3000. To my surprize i was accpected and just received another 17 months 0% balance transfer card with a 2200 limit.

The remiander on my original card is 2190. Do i transfer say 1500-2000 to this one and then when the 6 months is up on the other one try to transfer the remaining balance to the other?

Any help would be much appriciated as im determined to get myself debt free asap but im not too clued up with all this.

Comments

  • Tixy
    Tixy Posts: 31,455 Forumite
    Transfer as much as you can from oldest card 1 to new card 3.
    Then pay the minimum on both the new cards and focus on paying as much as possible off the remainder on the first card until clear.
    Once that is cleared then pay the minimum on card 3 and as much as you can afford each month to card 2.

    If you still have a balance left on card 2 at the end of 6months then see card 1 are offering any transfer deals (either 0% of low life of balance) - who is the provider of card 1?

    You might want to throw all the figures into the snowball calculator (along with how much you can afford in total to the debts each month), that will show you how long it should take to clear them and how much balance you might have outstanding on card 2 at the end of the 6months - http://www.whatsthecost.com/snowball.aspx
    A smile enriches those who receive without making poorer those who give
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