credit card debt

adriannauk

Hi me and my husband have 4 four credit cards between us, two with capital one and the other 2 with Vanquis. The vanquis card balances are huge for us, and we paying £400 a month just for credit cards. Its mainly due to the vanquis cards stamping more and more interest on each month, because of the balance.


I was wondering if it would be a sensible thing to apply for another card or two in order to transfer part of the balance from the vanquis cards and spread it out more thin, so I don't get stung for more interest? I wouldn't use the cards for anything else, but being new to credit cards I didn't know if would be even worse..


thanks in advance and sorry if its a stupid question xD

rockm87

Hi
You need to look at your finances and figure out why you are using credit cards in the first place.

You can put together a statement of affairs to see your situation properly, and even post it here to get some advice.

http://www.stoozing.com/calculator/soa.php

I wouldnt try to juggle and pay off debt with more debt, just focus on what you have and what you can pay off each month, try using the snowball calculator once you have sorted your budget out.

Ilona

As above. You need to address the problem of over spending on cards. What brought you to this situation? Why have you got four cards? What do you use them for? Spreading the amounts more thinly over more cards will not help the situation. Post up a Statement of Affairs and the good people on here will help you to reduce your outgoings so you have more cash to pay off your debts.
Ilona

Ilona

Hi again. I see you posted a SOA three years ago. Has anything changed since then? Were you able to reduce your debts? Perhaps a fresh SOA will help to focus you.
Ilona