What should my next move be?

Chocolate_Fondant

Hi everyone. I am in the process of veyr slowly paying off old CC debt. I have 5 cards and have just paid of the highest interest one which was BC :T. They aren't showing any balance transfer offers yet but will keep my eye out and maybe ring them in the next month or two to see if there is anything they can do for me (was hoping to move something to the 6.9% lifetime but it isn't showing online for me).

Next highest card in M&S, followed by Virgin (suspended), Santander and Halifax.

M&S never offer me any balance transfer deals but I was wondering if it is worth ringing them and asking if they can cut my interest rate on what I have there at the minute (it is my longest standing card, was thinking of playing it that I want to keep it but will be heavily over paying now as it's my highest interest card and hope they lower it a bit to keep me while I go for one of my other card debts first?)

Is this a silly idea? The M&S card has my highest balance outstanding so psychologically I am tempted to concentrate on the smaller cards but logically I know I need to eat into the higher interest balance so if they can't offer me anything else, I'll just have to go with it.

I had thought about going for the Virgin one as they have offered me good balance transfer deals in the past but after a proposed interest hike recently I stalled it by suspending the card so again this is probaly a useless exercise as they won't offer me anything on a suspended card even if I get rid of the balance, will they?

Applying for a new card isn't an option yet as I think I have too much outstanding debt. I have about 75% of my available credit on cards used at the minute...

Sorry it's a bit of a brain dump but any thoughts welcome.

Squiggybank

I'm trying to pay my 2 x CC cards off too and don't have any balance transfer offers.

I have M&S (23ish%) interest and Tesco (16.5ish%)
I have been paying the minimum plus just over that amount again on the M&S one (more when I can) and the minimum and a token bit extra on the Tesco one.

As the Tesco one is lower interest and as they recently increased my credit limit I am paying for things on my Tesco card and then paying that amount off on my M&S card so kind of transferring the balance.

It seems like a good idea to me, though hopefully others will correct me if I am wrong, but maybe it is an option.

dixon-bainbridge

Chocolate_Fondant wrote: »

M&S never offer me any balance transfer deals but I was wondering if it is worth ringing them and asking if they can cut my interest rate on what I have there at the minute

It's worth a shot, they can only say no.

But you are right that you should focus on paying back the card which creates the most interest first.

You say that applying for new card isn't an option but if you always meet your monthly payments etc and haven't been declined for anything recently I would say it's worth a shot - even if you can move part of your debt to a 0% or a low for life % this could save you a lot.

Chocolate_Fondant

Squiggybank I think that makes sense though at the minute I'm not spending on any CCs at all personally. Perhaps if I got a 0% on purchases I'd consider it.

dixon-bainbridge I have asked and apparently they will look into it and get back to me but they have no idea of timescales so it doesn't seem like it will be much of an option, nothing ventured though... I am worried about applying for another card and then if I am subsequently being turned down, it going against me?

Poosmate

Hi Choc, glad you asked this question as I was thinking of doing the same with my last remaining CC. Interest is 21.9% and is my highest charging debt. I have been holding off though because they do offer me 0% deals twice a year and already have 2 x 0% BT's with them atm.

Squiggy, that's how I transfer high interest balances to lower interest accounts. It's the only way really without a BT offer (unless anyone knows better - in which case, please tell).

Poo