Clearing credit card debt at once.

victor2

You could always look at clearing the overdraft and most of the credit cards, then see if you can get a new credit card with 0% interest on balance transfers, and clear the remaining debt that way.
As above, get rid of most of the cards. If you travel abroad much (particularly outside Europe), it may be worth keeping two cards so that if one gets blocked due to a genuine but "suspicious" transaction, you have the other to fall back on.

bandgeek

Thanks once again,


There is a good chunk of overtime at work just now, worth between 50 and 60 extra hours a month (that's including overtime premium) and its looking like it'll continue for most of the year and into next year - so the potential is there to get the overdraft gone within a matter on months.


The £600 is partially allocated for car repairs and tyres - this is what prompted me to ask for help, as there's no way I could afford it, but the rest can go towards getting rid of the overdraft.


I have tried the balance transfer (though not recently) and using the acceptance calculator my chances are pretty slim. Maybe in a few months time if there is still some debt hanging about.

symphonies

Congrats on being able to pay it all off!

Definitely get rid of the Capital One, Aqua, Vanquis cards as their APR is through the roof. Barclaycard isn't a bad credit card to have as they do have B/T offers every now and again even for existing card holders.

TadleyBaggie

Don't be surprised when you are charged a small amount of interest the month after you pay off the card, this is quite normal.

Serendipitious

There's an article on the main site called Old Credit Cards which has loads of advice including the tip to keep the card you have had the longest.

bandgeek

Serendipitious wrote: »

There's an article on the main site called Old Credit Cards which has loads of advice including the tip to keep the card you have had the longest.

Thanks for that, it makes interesting reading! My first card I've had for ten years, it actually still has the best interest rate of all the cards I have, I've had the Barclaycard for a good 4 years. The rest have been in the past few years, so I think I'll get rid of the newer, higher interest ones.


I might chance my arm and see if I can get a 0% deal so I can pay off the overdraft.


Many thanks for your replies, much appreciated.

Cycrow

Barclaycard often offer 0%, sometimes on balance sometimes on money transfer. Especially when the card is cleared. You could also try asking them for a money transfer offer, worst they can say is no.

dealer_wins

bandgeek wrote: »

I'm going to be a few hundred pounds better off each month, even paying back the money to my parents. I don't have any other credit accounts, though I do have a mortgage, car loan and an overdraft (which I'm in every month at the minute, but I hope that'll change soon)

Be careful, when you think you have "a few hundred pounds" every month, its very tempting to take out a loan/more credit cards.
Then in 2-3 years you are back to square one.

scott_lithgows

Set up a standing order to your parents account to repay the cash,4 years at just over £200 a month should do it.if you go for a 0% card,try for a creation backed card like asda

bandgeek

Just an update, I've cleared the Vanquis, Aqua, Capital One and Barclaycard. A quick call to Barclaycard offered me a 6 month 0% balance transfer, so I've transferred the 2 small RBS balances over there (about £1100). I'm confident I can clear them within the 6 months. That's given me the extra to knock the overdraft in the head a bit too. Once that's cleared, and I've got some money behind me I'm going to put some money into paying off the car early.


Never thought I'd get out of this pickle, but thanks to Mum and Dad, I can see the light at the end of the tunnel.


Thanks again for your input, its appreciated :-)