Which do I pay off first?

YorkshireBoy

planteria wrote: »

i have always paid either 'full' on a spending card or 'minimum' on a balance transfer card...never anything in between.

I do too, but you (and I) have built up strong credit histories over many years managing large (stoozing) debt and so can probably get away with it.


The OP has 'real' debt, has a VERY high utilisation, and has been ratejacked at least 3 times (possibly even 6 or more if they've done it in stages) across three cards...and, crucially, has done nothing about it, ie BTd away or repaid.


The existing lenders will know all of the above, and as such won't be forthcoming with any offers to shuffle debt around at 0%...in my opinion.


So, if they can't get other cards to restructure the debt, ie get it on 0% or a decent LOB deal, then the only other options are to earn more and/or spend less so more can be directed at the debt.

planteria

CLAPTON wrote: »

I operate on the 'precautionary' principle as one doesn't have perfect (or any?) actual knowledge of many of the lenders' internal procedures and rules.

so never go over 60% of a credit limit
never leave paying until the last moment (unless DD)
always pay more than minimum even if only a few pounds
always carry 2 cards if crossing the road
if going further then carry at least 3
don't mess about changing pay dates or credit limits
etc etc

all fair enough CLAPTON, but i think you are overly cautious in some respects.

planteria

YorkshireBoy wrote: »

I do too, but you (and I) have built up strong credit histories over many years managing large (stoozing) debt and so can probably get away with it.


The OP has 'real' debt, has a VERY high utilisation, and has been ratejacked at least 3 times (possibly even 6 or more if they've done it in stages) across three cards...and, crucially, has done nothing about it, ie BTd away or repaid.


The existing lenders will know all of the above, and as such won't be forthcoming with any offers to shuffle debt around at 0%...in my opinion.


So, if they can't get other cards to restructure the debt, ie get it on 0% or a decent LOB deal, then the only other options are to earn more and/or spend less so more can be directed at the debt.

fair enough YB. great post..

i hope this thread is going to be really helpful to gg.:grouphug: