Get rid of 2 credit cards??

lildiane88

Hi, please can someone help, I am so confused with what to do about my credit cards? I have just got married and decided to get a credit card to help with funds and as I had never had any credit before, I got the Barclaycard Initial. After a few months, and trying to read and understand the information I decided to try and do a balance transfer to a Nationwide card. I have now ended up with 2 credit cards both pretty much maxed out! I do pay at least the minimum payments on both but there must be an easier way to handle my money! I am now past the 0% time and paying interest. I have tried to read all the advice but I don't really understand what I am supposed to do??? Please help?

grumbler

This looks like a windup, but I'll try to take this seriously although this isn't easy.

• What you are supposed to do is to pay back what you borrowed plus the interest.
• For this you have to make payments considerably bigger than the minimum ones: Minimum Repayments (danger). For this you have to spend less and/or earn more.
• You can't keep transferring your debts forever. As a temporary solution for reducing the interest you pay and paying more towards the principal you can try transferring all or part of your debt to a new Balance Transfer Credit Card if you can get it. This is provided that you don't max out the old card again after transferring the debt. If the interest is high and you can't get a new BT card you can try Cheap Loans

katejo

Also think it sounds like a windup! how do you get to the max on 2 cards within just a few months of getting the first card?

Stop spending on the cards at all and clear the balance bit by bit. Getting to the max on 1 card isn't a reason for getting another card.