Not sure what to do...

drew.clarke

I owe around 9k in total on the follwing cards.
Virgin - £3346.29 - £10,000 limit.
Barclays - £5759.28 - £6,600 Limit

Now i am paying off £150.00 on each card whilst the Virgin card was in the 0% BT rate. I had a letter yesterday saying that the rate is going up to 24.9% PA. The rate on the Barclaycard is 22.9%.

I can easily afford to pay off £600.00 a month in total maybe more.

My thinking was either take out a new card with 0% and transfer what i can and pay off the remainder in a lump sum.

I have nearly 10k savings that i am loathed to touch as that is intended to go towards a deposit on a house in July/August.

This debt doesn't make worried in the slightest but it would be nice to get it working a bit better for me over the next 12 months.

sicker

I would try for a 0% card and transfer as much as you to the Virgin card if you get one. I would use the money you have saved to clear the Barclaycard and any residual balance on the Virgin card then cut them up. You now have about 6 months to start saving again and at £600 a month (less payment to possible new card) will son mount up. You will save yourself a lot of money.

John

CLAPTON

i'ld suggest you pay off the barclay debt immediately if you're paying 1000 per annum in interest per annum and save as much as possible to rebuild the savings.
while the virgin is only on 0% you should pay only the minimum
be aware that when you apply for a mortgage they will take your debts (and /or repayments ) into account.

drew.clarke

Virgin 0% has ended, its going up to 25%!! as i haven't spent a penny with them.
I'm looking at moving as much as i can to a new card.

sicker

That's why I suggested you start with the Virgin card.

John

jonesMUFCforever

There is no point in you having £10k in savings and all that debt on the cards.
When you apply for a mortgage you will have to disclose the credit card debts and this may lead them to lend you less than if you did not have this debt.