3 credit cards all charging interest...

jumpingjack75

My friend has 3 credit cards.... Hubby has just left her so she really needs to reduce outgoings. One card has 3k on & two have 2k on. Citizens advise have advised to get them all under one banner with 0% interest.... Has anyone any idea how to do this?

[Deleted User]

A Balance Transfer card(s)?

jumpingjack75

Deleted_User wrote: »

A Balance Transfer card(s)?

Could you give me some more info? Thank you

redpete

If you click on the "Cards and Loans" tab at the top of this page there is an article on Balance Transfer cards.

grumbler

jumpingjack75 wrote: »

... she really needs to reduce outgoings.... Citizens advise have advised to get them all under one banner with 0% interest....

If she reduces the outgoing by transferring to temporary (introductory) 0%, what will she do when 0% expires and outgoings shot up again?
She has to think how to reduce the debt as well, not just outgoings.

jumpingjack75

Yes. The plan is to try & get a couple of the cards or possibly all of them under one banner with 0% or very little interest & then pay the minimum amount (or a little more if poss) each month & not use the cards. In theory seems very good but practically I'm not so sure. Right now she has 3 cards with 3 debts all with high interest so we are looking at ways to reduce the overall payments.

marksoton

jumpingjack75 wrote: »

Yes. The plan is to try & get a couple of the cards or possibly all of them under one banner with 0% or very little interest & then pay the minimum amount (or a little more if poss) each month & not use the cards. In theory seems very good but practically I'm not so sure. Right now she has 3 cards with 3 debts all with high interest so we are looking at ways to reduce the overall payments.

She'll do well to get a new 0% card with a 7K limit.

Also, who's debt is it?

MallyGirl

jumpingjack75 wrote: »

Yes. The plan is to try & get a couple of the cards or possibly all of them under one banner with 0% or very little interest & then pay the minimum amount (or a little more if poss) each month & not use the cards. In theory seems very good but practically I'm not so sure. Right now she has 3 cards with 3 debts all with high interest so we are looking at ways to reduce the overall payments.

depending on her income and commitments she may not manage to get them all onto 0% and it may require more than one card if she is offered low limits. It would reduce the interest but she needs to work out how to pay off within the 0% period rather than just paying the minimum. And she must cut up and close all bar 1 of the ones that get cleared. keep the longest held one but don't build up again - just have for true emergency as you shouldn't make purchases on a 0% BT card.

TadleyBaggie

marksoton wrote: »

She'll do well to get a new 0% card with a 7K limit.

The new card will need more than a 7K limit as you can usually transfer up to 85% or so. So a limit of around 9K would be needed I think.

marksoton

TadleyBaggie wrote: »

The new card will need more than a 7K limit as you can usually transfer up to 85% or so. So a limit of around 9K would be needed I think.

Good point!