Credit cards cost me £900 a year in intrest!!

deanchilds1

Been looking over a few things and have worked out that my BarclayCard charge me around 14.9% per year where as my virgin charge me 22.4% per year. I have a balance of £1325 on virgin so will aim to pay this and then try to transfer £2000 from the BarclayCard providing i can get it cheaper then the rate on BarclayCard.

Any one got any better ideas/way of reducing the rates?

deanchilds1

And also say for instance i had £500 to pay off a bill where would be best to pay it off?

deanchilds1

My Virgin card is now down to £900!!!!

Seaxwyn

Hi Dean

The advice on here is always to pay off the highest interest debts first. So pay the minimum on all the rest and put every penny you can into the highest interest one.

Are you still thinking of talking to your dad? I agree with others it would be good to write down all the figures and show him what you propose to pay back when, how much interest this will save you etc - so he can see that you are really serious and responsible about it.

Good luck

clarab_3

Hi dean, have you seen the snowball calculator?

http://www.whatsthecost.co.uk/snowball.aspx

if you put your individual debts with their interest rates and how much you can afford to spend on payin them off - it can really show you how the amounts start to come down.

I owe money to the bank of mum and dad myself wasnt an easy thing to do but whe nyou consider the interest rates I was being offered with my poor credit rating on cards (29.9%!) my parents 0% offer meant that I could pay off some urgent home repairs much much faster.

deanchilds1

Seaxwyn wrote: »

Hi Dean

The advice on here is always to pay off the highest interest debts first. So pay the minimum on all the rest and put every penny you can into the highest interest one.

Are you still thinking of talking to your dad? I agree with others it would be good to write down all the figures and show him what you propose to pay back when, how much interest this will save you etc - so he can see that you are really serious and responsible about it.

Good luck

Yeah thats the advice i have taken!

Nar not going to ask my Dad, Ive got myself in this mess and for once i am going to get myself out of it!

Thanks

deanchilds1

clarab

Ill take a look at the snow ball calc and let you know how i get on.

I still owe my mum and dad money, but have asked them if they can wait until i have sorted out my credit cards, they seem ok about it.

Thanks

deanchilds1

clarab wrote: »

Hi dean, have you seen the snowball calculator?

http://www.whatsthecost.co.uk/snowball.aspx

Great site that one!! Thanks!