Paying off credit cards

meanmotion

Hi all, apologies if this is a repeat post but I couldn't quite find another post that fit my problem.

So, I've got three credit cards, one with 8K on it, one with 9K on it and one that I've just paid off but that now has a new 0% transfer offer for the next 12 months - the limit's 10K.

The issue I have is that the two cards with remaining balances are both now hitting the end of their 0% transfer offers. The first has about 6K that will start accruing interest imminently, while the rest is good until December, the other card is already accruing interest on about 7K and will start accruing on the remainder in July.

So my question is, how should I structure my payments? Should I pay off one whole card with the balance transfer or pay off 4.5k each? Or some other arrangement?

Likelihood of getting another card is very slim as I'm self employed.

Cheers

Fruit_and_Nut_Case

Standard Advice:
Throw everything you can at the one with the higher interest rate and make minimum repayments on the others.

redcard

Why not start paying off your debt rather than pushing it around? Start living within your means.

meanmotion

Cheers.

Only thing is that the one with the higher standard rate (2%) is the one that has the decent chunk (2K) that remains 0% until december. The one that is already accruing and will go critical in July has a 1.35% rate.

As such I'm currently thinking I should get the latter one completely transferred then do what I can with the remainder of the first one.

meanmotion

redcard wrote: »

Why not start paying off your debt rather than pushing it around? Start living within your means.

Well, clearly, but the creating of the debt is done, it's in the past. I just need help paying it off in the most efficient way. After all, if I just left them alone, concentrating on just earning the money to pay them off, I'd be accruing the best part of £400 in interest every month.