Card transfer?

Monchan

Hi.

I currently have 2 credit cards, with around 3000 in debt on each. APR on card (1) is 16.9% and on card (2) 14.9%. Credit limits on both are same (£4500). I want to try and consolidate all debt on one card and get to work paying it off. I aim not to use the card at all for purchases, just as a means to park as much debt as possible and start paying it off. Can you advise on the best procedure and any possible card options out there?

CLAPTON

You can start to pay the debts off right now without any 'consolidation': i can't really see that two cards is that much harder than one to manage.

However, it is sensible to see if you can get either a 0% BT card or a low life of balance card and shift some / all the debt so you are paying less interest.

If you credit rating is OK then you shoud be able to get a suitable card although you may not get the credit limit you want... even so something is better than nothing.

Dont apply for too many cards in a hort time as this will affect your credit rating.

However the most important thing is to sort out why you are in debt and look very closely at your spending and find ways of reducing it so there is more money let to repay the debts.

You may want to post on the debtfreewanabee board and get some advice on ways of reducing spending.