0% Balance transfer Question

dichmau5

Hi, i have what is probably a really silly question!

I am trying to sort out mine and hubby's finances after a few difficult years, after looking on here for advice i did a soft search for balance transfer cards and saw Barclay Card 0% for 35 months, didnt think id get one but i did. Now its all come through and the credit limit actually enough for all 3 of my cards.
I have a Vanquis card, Aqua (both very high interest) and a capital one card.
I was only going to transfer the balance from my Vanquis which is £2600 but im thinking actually would it be as well to transfer them all and pay one big payment were then everything i pay will actually come off the balance and not be mostly wasted on the huge interest.

Am i right in thinking this is a better option? I pay £120 a month to Vanquis, £90 to Aqua and £70 to Capital One. Total £280 a month but i would estimate about £200 end up being added back in interest on those cards.

So if i transferred them all and carried on paying £280 per month then every month the balance would actually come down by that amount? And so would all be paid off well within the 35 month 0% interest free period.
I know i probably sound a bit thick! But i am not very clued up, too much burying my head in the sand for too long! Its time to change and sort it out.

Any advice appreciated.

CLAPTON

sounds a very good plan

chanz4

don't forget to take in to account the transfer fee, however yes I would merge them

dichmau5

Brilliant, thanks! Wanted to make sure i was thinking it through correctly!
Just calculated the min payments and it is less than the combined amount anyway.
Im going to get on it! :O)

Thank you again, i would like to see a debt free future!

selement

If you are paying interest on them all it is probably worth transferring to 0%!