Advice needed on paying cc off

Denden

I am new here and would like some advice on the best way to pay mine and my husbands credit cards off

We presently have
Me - evanquis - £3000 balance £2750
Me - Lima - £1000 balance £897
Me - capital one - £200 balance £150

Husband
Evanquis - £1250 balance £1110
Capital one - £1000 balance £890

Best way to pay them off so at least we can see the balance reducing. We at to planning on using them again.

Denden

I am new here and would like some advice on the best way to pay mine and my husbands credit cards off

We presently have
Me - evanquis - £3000 balance £2750
Me - Lima - £1000 balance £897
Me - capital one - £200 balance £150

Husband
Evanquis - £1250 balance £1110
Capital one - £1000 balance £890

Best way to pay them off so at least we can see the balance reducing. We at to planning on using them again.

Many thanks

minmac

Pay more to the ones with the highest apr first or try to transfer them all to a 0% card.
If you are struggling to pay its worth writing an email to them all offering a full and final payment, or even asking them to stop the interest for the time being.
When I was jobless alot of my creditors were actually quite good about this. Capital One being one of them. They stopped all interest for 6 months.
Good Luck x

YorkshireBoy

Denden wrote: »

I am new here and would like some advice on the best way to pay mine and my husbands credit cards off

Certainly. There are 3 ways to get out of debt...

1. Earn more
2. Spend less
3. Restructure the debt, ie get it on 0% or low life of balance rates

Presumably you can't do the first two, otherwise you wouldn't have such high utilisation. This high utilisation will almost certainly mean your options are limited (non-existent?) on restructuring the debt.

So, make minimum payment + £1* to all cards, and then throw every spare penny at the card(s) with the highest APR.

Then get a second job each and dine on beans on toast and soup for a while.


* This will remove the minimum payment markers (ie debt stress indicators!) from your credit files.

Denden

I can't transfer to another card as I have tried and didn't manage to get one. I have cut back on spending in the last couple if month and tried to look at my utility bills, changes suppliers and saved a bit on them, sold my car and got the money to pay off a card. That's in the bank waiting to be paid off the card.
Always pay more than the Minimum payment and never been late with any repayments. I am self employed and my husband is employed. At present my business is a bit slow but hoping to get busier in February. Looking around for a part time job.

forgotmyname

Money sitting in the bank will be tempting to spend it on things you may see as essential but not really a priority when it has the potential to save you money.

Why not pay a card now? Online banking? 24/7 Telephone banking?

My interest free card is not due until the 10th FEB. But i have paid it anyway. Been in debt on cards before and never again.

longtermplanner

Snowball calculator here: http://www.whatsthecost.com/snowball.aspx

Denden

I shall do this now and try it out thanks

Denden

So today I have paid ken credit card off in full and closed it down and cut the card up.

I have managed to get a refund from orange of £43 so this will be going towards reducing the cards. Also found an old paypal account with £20 sitting there so that's on its way over to my bank account.

Also just paid another £200 of another card so I am quite please with myself since yesterday. I have also been on that link above it's really good thanks.x