" Credit cards

dude44

Hi guys

I have 2 credit cards with different banks for £5000,00 I pay about £125,00 per month in interests only. Had a balance transfer of £600,00 and then I used it again so I still have £5000.00 in total owing.

How can I reduce the amount owing as its eroding my income.

Help guys.

Ta

dude44

PeacefulWaters

1. Stop spending on the card.
2. Repay more.

redpete

3. Check which card is charging the most interest and pay any surplus (above what you have to pay as the monthly minimum) to that one.
4. Go to the Debt Free Wannabee board and enter a Statement of Affairs to get advice on where you can save money (cut down on food spending, get rid of expensive mobile and TV contracts, switch to cheaper utility and broadband suppliers, spread council tax over 12 months instead of 10, stop spending so much on entertainment, holidays and presents...)

redpete

5) If you do find another cheap balance transfer offer, phone the provider of the card you are transferring balance from and ask them to reduce your credit limit by that amount - then you won't be able to spend more on the CC.