10K CC Debt Cycle

Deru

yeah, might do that. Just have to find out his other expenses as I currently only have his card statements.

Cheers all.

camuk81

Is he good at seeing the numbers maybe a credit calculator would help. Take an average month with no charges.

Say his balance is 9k on one card it will take 74 years to pay off as the minimum payment is 2.25.%

In that time he will repay £34,700.06 in interest however if he pays £10 more then the minimum he'd pay it back in 29 years and save £13,542.83 in interest

http://www.whatsthecost.com/creditCard.aspx

Deru

That's a neat tool.

He can see it all but he's struggling to cover the minimum payments due to the interest he's paying so even increasing payments is tricky.

That's why I was trying to find a way for him to cut the interest down so he has some breathing space.

Was trying to find an existing customer lifetime balance transfer offer that Martin calls a loophole but can't seem to find them on the barclaycard site.

katejo

How does someone get multiple credit cards from the SAME bank?

Deru

Well, I have 3 from Barclaycard. It's not that hard. But to be fair, one of mine used to be Egg, which got bought by Barclaycard. My Morgan Stanley also turned Barclaycard but I cancelled that due to the drop in cashback.

I also have 2 from Capital One. You simply apply and they either give you it or they don't. Barclaycard are one of those that don't mind you having multiple cards and even more so before the credit crunch.

Miss_Spendalot_2

Deru wrote: »

Was trying to find an existing customer lifetime balance transfer offer that Martin calls a loophole but can't seem to find them on the barclaycard site.

This might be what you are looking for.. Hope it puts into perspective what your friend needs to do to get this deal.

http://www.moneysavingexpert.com/cards/barclaycard-offer-loophole

I wish you friend the best and hope he knows what a good friend he has. Good luck.

Deru

Yep, I seem to have found it on the BC site through that link. Thanks! I had it before but it kept taking me round in circles.

missile

Issues I see for OP with Barclaycard offer are:
1. Offer is restricted to new customers only @6.9%.
2. Balance transfer is limited to £5,000.
3. There is a 2.5% transfer fee.

Cheapest loans available are @ 6%, see here > [URL=]"http://www.moneysavingexpert.com/loans/cheap-personal-loans"[/URL]

Deru

Thanks but doubt he can get a loan with his credit besides Pay Day loans but lets not entertain that idea...

1. Offer is restricted to new customers only @6.9%.

They advertising one for existing customers at 6.9%

£5,000 is still a good amount.

2.5% transfer fee but still a saving in the long run.

Glad I'm not the one with the debt!

missile

Deru wrote: »

.....
They advertising one for existing customers at 6.9% ......

2.5% transfer fee but still a saving in the long run........

Glad I'm not the one with the debt!

not according to the link. If he does not qualify for a loan he is unlikely to qualify for that deal ....

The risk is he may use that "new" available credit and max his cards again...

Good luck to you and your friend