Balance transfer query??

MadWelshWoman

Ok after battling to reduce debts on 2 crappy interest rate credit cards (same rate on both)I've managed to secure 2 x 0% interest cards. However neither of which however will allow me to transfer the full balance owed from the old cards (2K owed on 1, 3k owed on other, new card limits are 1k each at 0% for 18mths) but still it will be enough to allow me to start saving money on terrible interest rates.

So the question is do I transfer the balance of one card and spread it over the 2 cards at 0% and effectively close one of the accounts and just manage the one old card with a heavy interest rate or would it be better to transfer a bit from each thereby reducing the overall amount owed on each of the old cards rather than have one closed and one close to the limit?

Hope that makes sense??? Any advice gratefully received

grumbler

If "2 crappy rates" are really the same then it makes no financial difference how you do this. Psychologically and logistically it's easier to close one card and manage the remaining 3.