Shuffling advice

Toonsy

Hi. I'm finally getting a handle on my debts but I'm struggling with what to do next...

Basically I have three CC's. Halifax (£4,000 balance - £10k limit, 29.9% APR), Virgin (£6,000 balance - £8,000 limit on 0% until March next year then 29.9%) and Barclays (£5,200 balance - £8,000 limit at 6.7% APR.

Halifax have just sent me a letter offering me 0% for 15 months but obviously I have that £4,000 on there that I'm paying 29.9% on first. Also I don't know how long the offer is valid for. Should I transfer the Halifax balance onto the other two cards clearing that one in the hope that they offer another 0% deal (or in the hope I can force one!) for when my 0% Virgin deal expires at the end of March 14?

delmar39

It's great that you've got a handle on your credit cards. Are you building up the savings to pay off the debt?

Irrespective of the Halifax deal, I'd get all your balances onto 0% - this could be Halifax or another best buy deal. You don't need to be paying interest on the balance with all the deals out there.

Halifax are doing a balance transfer of 25 months at 0% for a 2.5% fee, so the 15 they are offering you is a reduction on this. All depends on your credit rating I guess.

But yes, I'd shift everything to 0% whether this be Halifax or another deal. Good luck.