Helpful advice needed - wanting to clear credit cards.

GhostHunter_3

I am looking to clear up my finances as I have 2 other credit cards besides Nationwide. They are all on their limit and I want to combine them alltogether so I can concentrate on repaying 1 amount.

I would be greatful if you could tell me the best way to do this as I will then destroy 2 cards and just be left with 1 credit card for controlled and emergency use and 1 card for repayment.

The ballances on my cards are:

Skycard - £766.
Capital One - £1000.
NW Credit Card - £984.

(So rounded up £3000) :eek:

Ideally I would prefer to keep NW credit card for 'spending emergencies' as tso I can keep all my finances online in 1 place. My next preference would be Capital 1 as this is my longest running card. Skycard and NW card are nearing the end of (or probably just wxpired) their 0% purchses and Capital one offer expired a long time ago. None will extend their offers.

If it would be cheaper or better for me to apply for a small loan I will do so. I can then keep my NW credit card aas I want to.

Please can you advise me the best way foward so I can sort my finances before getting into bad debt again. I havent gone on a spending spree with these cards, just been used the past year for payment emergencies on unpaid bills and online supermarket shopping.

Thanks

GH

msmicawber

Hi GH,

I think it would be useful if you added the APRs for each of the cards to your post and preferably did a full Statement of Affairs (SOA) - see the sticky for first time posters at the top of the board. Without these, it's hard to know what would be the best advice for your circumstances.

postingalwaysposting

welcome ghosthunter, can you add the apr's of the cards above and the balances avalible please. Also i may be worthwhile posting a soa (see ss sticky http://forums.moneysavingexpert.com/showthread.html?t=107280) as hen we can see how your income and expenditure works together. Hopefully more wise people will be along soon take care and good luck

rog2

Hi GH - I would echo the above advice - without APRs it is difficult to advise, and by posting your SOA, we would be able to advise where you can make real savings to throw at the cc debt.
I would strongly advise against getting a loan to pay off any of your cards. I speak from personal experience when I say that - with the best intentions, there is ALWAYS the temptation to 'hang on to the cards just in case of emergencies' and, before you know it, you could be back in the same situation, plus having to pay off the 'loan'.