Need to amalgamate debts to reduce interest fees?

Lucy31788

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.

opinions4u

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.

Lucy31788

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.

opinions4u

In that case don't shift anything around.

Pay the maximum you can towards interest charging debt. Aim for debt free by Christmas!