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Need to amalgamate debts to reduce interest fees?
Lucy31788
Posts: 2 Newbie
in Credit cards
Hi
I currently have an overdraft debt of £1600 and a credit card debt of £1200. My bank is now changing my account from a graduate account and thus the interest on the overdraft is going to increase. The credit card is currently 0% interest but this ends in August 2012. I am wondering whether it would be a good idea to amalgamate these two debts on to 1 single credit card to reduce the amount i pay in interest. Can anyone advise me whether this would be a good idea and how it would work? If I do this do I have to agree a minimum repayment amount for each month with the new credit card company? Is there any way I can do this for free/no charge or will there always be a charge for this? Will the 'cheapest card calculator' on this site help me? Any ideas of what card to go for?
Any help/advice is much appreciated as I am quite a novice and finding it all a bit baffling.
Thanks in advance.
I currently have an overdraft debt of £1600 and a credit card debt of £1200. My bank is now changing my account from a graduate account and thus the interest on the overdraft is going to increase. The credit card is currently 0% interest but this ends in August 2012. I am wondering whether it would be a good idea to amalgamate these two debts on to 1 single credit card to reduce the amount i pay in interest. Can anyone advise me whether this would be a good idea and how it would work? If I do this do I have to agree a minimum repayment amount for each month with the new credit card company? Is there any way I can do this for free/no charge or will there always be a charge for this? Will the 'cheapest card calculator' on this site help me? Any ideas of what card to go for?
Any help/advice is much appreciated as I am quite a novice and finding it all a bit baffling.
Thanks in advance.
0
Comments
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How much are you reducing the debt by each month?
It's often better to focus on becoming debt free rather than shifting the debt around.0 -
Ivan pay a minimum of £350 per month and a maximum of £500 per month. I aim to pay the maximum as much as possible so the debt should be cleared within a year.0
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In that case don't shift anything around.
Pay the maximum you can towards interest charging debt. Aim for debt free by Christmas!0
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