Two Cards Too Pay

chris1988uk

Hello, as the title says I currently have two credit cards. Both cards are capital one, capital one classic card and capital one progress card between the two I have roughly £1000 to pay off.

I only work part-time so am struggling to pay off the two cards (interest and minimum payment equal what I can pay)

Due to this might I be better looking at a new card and transfering the balances onto one card?

Tixy

What do the minimum payments total on the £1000 debt?

If you are struggling to pay the debt and are only working part time then its fairly likely that you may struggle to get a new card.

chris1988uk

Total between them its just under £60 a month.

TadleyBaggie

Affordability will be the sticking point. When you apply for a new card it will be seen as additional credit (regardless of your intentions), if you are struggling now the lender is unlikely to risk exposure.

chris1988uk

Well for cards i can get it's probably low end card such as aqua credit card.

If i did transfer the balance i would cancel my capital one classic card, keep the progress card as its got a low apr rate now.

Then as soon as the outstanding balance is cleared cancel so i only have the progress card left.

TadleyBaggie

All very well but the lenders doesn't know that is what you will do. For all they know you will move the balances to the new card and then max out the out cards again.

Tixy

Even if you did transfer to say aqua it won't work out as much less a month (if they gave you an APR of say 39.9%) you'd still be looking at say £40 a month repayment. Plus you'd have increased your balance due to the balance transfer fees.

I'd focus instead on looking to see if you can increase your income or reduce other outgoings somewhere to make the repyments on the existing cards more affordable. If you are struggling to do that it may help to post details of your finances on the debt free wannabe section of the forum.