Credit Cards - Quickest way to pay off if can't do balance transfer?

CLB6

Hi all,

I have 5 credit cards with total credit card debts of around £8000 (around £7000 of this I'm paying interest on). I have gotten rid of one credit card by doing a balance transfer but have found this isn't looking like a likely option for the others due to the amount of cards I already have.

I'm currently paying just above the minimum amount as this is all I can afford at present. What options do I have to get rid of the debt as quickly as possibly?

Thanks in advance for any help! :T

stephane_2

If you can't get another 0% cc or a low interest loan then.....save, save & save!!

Tixy

Do you have any available unused credit on any of your cards (excluding the one charging the highest interest)?

Are all cards still open to new spending? (you've not rejected past interest rate hikes and closed the account to new spending)?

If you do have any spare limit available you could consider if it might be worthwhile balance transferring debt between the existing cards.

Or you could consider the slow stooze option - say buy £100 of your normal spending on the cheaper apr card and therefore leave an extra £100 in your bank - which you then use to pay extra off the most expensive APR card.

The card that you have already cleared - have you closed it formally? if not then have you tried asking that provider if they would offer you a promotional balance transfer deal?

Aside from those options all you can really do is free up as much as you can possibly afford towards your debts repayments each month - and ensure you are targeting them in interest rate order (so minimum payments to all but the most expensive card - and whatever you can afford to that card).