Balance Transfers

kate87cafc

Hi!

I am new to this but I want to start sorting my life out and become debt free!

I have a Natwest Credit Card with a balance of £2750. I also have a Barclaycard with a similar balance on it. The Barclaycard I don't spend on as I never memorised the pin number for it and got it using a Balance Transfer offer so I have been paying it for for the past 6 months.

I want to put both balances on one card and pay it off and cancel the other 2 cards so I have just one card and start spending what I earn and putting some money into savings. Is this possible to do and if so what card would people recommend I use for the balance transfer?

Any help on this would be great!

bargainbetty

What are the interest rates on your cards?
What are the available funds on your cards? Can you transfer everything onto one with your existing limits?
What are the balance transfer offers available to you? Call the providers and find out what you can get.

You say you want to have one card, start spending what you are earning and have savings. If you have it all on one card, you will still be paying it back, and you will need to get as much off the debt before the deal rate runs out - saving (particularly at a lower interest rate than you are paying) before clearing your debt is generally not the best option.

Don't start spending wildly though, and do cut up the other cards. Othersie you might end up running them up again. I did! Twice.

kate87cafc

At the moment the Barclaycard is 0% as I got it on one of those 0% on balance transfers deals and I checked this today and was told that runs out Feb 2013. The Natwest card is my problem and is around the 16-17%. That is the one I use when booking tickets, hotels and other day to day stuff etc. I checked with Barclaycard and they said I can't transfer any more onto that card as the rate only applies to that 1st and one off transactions. They offered me a card with 0% for 6 months as I am an existing customer but I am sure I can find a card with a longer rate than that.

I defo want to cut up the cards asap as I really don't want to get into anymore debt. If I have just one card and all my debt is in one place then I think it would make my life easier. I wouldn't start saving straight away as I would want to clear more of my debt off 1st but in the long run I would like to start saving more as I want a flat/house of my own in the near future.

Who said being grown up was fun!