reducing credit card interest

shiwen55

Ben8282 wrote: »

Unless you have a really low income. why are you paying interest on £400 and £250 balances? Can you really not afford to clear them each month and then use the cards for purchases which will be interest free as you are paying in full each month.

Yes, if I do couple of overtimes, I can definitely clear within 2 month at least.


Halifax is interest free for two years, so until Aug 2018.


By looking at what others said, I think I should clear Aqua first, then Halifax


Thanks for the advise

shiwen55

Superscrooge wrote: »

If I have understood your situation correctly you have £650 CC debt?? The minimum BT amount is usually £100 It seems daft to be paying standard CC interest rates on this debt when it is possible to shift it to 0%

Another option is to concentrate on repaying the debt and apply for a 0% purchases CC that you can use for your house repairs and other expenses.

Few years ago, when my credit was very bad, one of my parents opened a credit card with TSB and then add me as additional holder. I have full access to this card, online, pins etc, even my contact details are held with them, and balance is 'zero'


TSB is doing 12 months and 15 months interest free BT, and the limit is £5,500, very good


I might well transfer £250 Aqua and pay off in 2 months, knowing Halifax is still interest free for another year


Thanks

shiwen55

Hi,

Latest update:

Transferred the balances to TSB, obviously interest free.

Both Halifax and Aqua cleared.

And planning to spend on CC but clear on statement.

Thanks for your help every one