Which debt should I shift?

amorge

OK, so today Santander have sent me a 123 credit card. It's 0% for 23 months on Balance transfers and )% transfer fee (the card costs £24 per year but that's fine).

The limit is £2100 so I can't shift a full CC on to it sadly

Debts are:
Description....................Debt......Monthly...APR
Barclaycard....................9903.71...231.......0
Barclaycard (2)................4700......112.......18.9 - came off 0% yesterday :eek:
Shop Direct....................1886.31...20........0 £900 will be 34.9% at the end of November:eek:
Santander......................2487......30........0
Barclays Finance...............920.......71.5......14.9

I am struggling with the barclaycard debt so am wondering, if I transfer the max possible from Barclaycard 2 onto the new one.
Or should I pay the Very account?

So confusing!

Thanks in advance for any advise
Anna

glentoran99

I don't know your income or outgoings but at a glance it looks like you are struggling with debt and rather than take more on you should be looking at other solutions


But for your question, move the highest APR debt

StrugglingYouth

As above id transfer as much as possible thats accruing the highest interest rate.

You didnt list 'Very' as a creditor in your list above either, yet mention it further down?

Brightspark87

hi!

with the 123 did you get 0% on purchases? Because shop direct you cant bt.

I would argue the shop direct first, then bcard you already pay interest on

immoral_angeluk

I would be considering other options rather than continually switching. Switching is effectively chasing your tail and eventually it'll catch up with you. There's a wealth of expertise and knowledge on this forum so make the most of it

amorge

StrugglingYouth wrote: »

As above id transfer as much as possible thats accruing the highest interest rate.

You didnt list 'Very' as a creditor in your list above either, yet mention it further down?

Hi, sorry Very are Shop Direct

amorge

Brightspark87 wrote: »

hi!

with the 123 did you get 0% on purchases? Because shop direct you cant bt.

I would argue the shop direct first, then bcard you already pay interest on

Yes it's 23% on purchases and BT

Thanks

amorge

glentoran99 wrote: »

I don't know your income or outgoings but at a glance it looks like you are struggling with debt and rather than take more on you should be looking at other solutions


But for your question, move the highest APR debt

I won't be taking on anymore debt, I'll be paying something off, so maybe pay Very and then close that account or pay some of Barclaycard.

amorge

immoral_angeluk wrote: »

I would be considering other options rather than continually switching. Switching is effectively chasing your tail and eventually it'll catch up with you. There's a wealth of expertise and knowledge on this forum so make the most of it

Thanks, I'm getting loads of other advice on my main thread, money saving ideas, renting a room etc. There is NO way I will be able to pay Very off my the time it changes to 34.9% so it seems logic to transfer that to 0% and then pay off in the 23 months I have the 0%?

andyfromotley

Hi amorge,

are you actually allowed to transfer your Very?? if so i'd go for that (at least the £900 thats going to switch to the horrific interest rate.)

Dont confuse transferring to 0% as sorting out your debts. Its helpful of course but it isn't the solution. Paying only the minimum will take over 8 years to clear it. It depends on being constantly able to re shuffle which as many people have found out to their cost is not guaranteed.