Small Debt Help

FighterNo1

The cost of the cc debts is 4058.81. how should i transfer the balances? Should I transfer to the limit of the long life card and keep adding or should i request a higher limit?

I have looked at the cards and due to the £50 voucher being offered (as highlighted in the newsletter I have already applied for the Barclaycard Platinum which is 5.9% and the lowest is 5.8% for two years.

In_Search_Of_Me

Have you read Martins article (see tabs at top of page) about credit card shuffling? You need to do your research before you apply really as you could be paying higher interest than you need to if you rush into it...more haste less speed!

CHR15

Once you transfer a balance to a new card (0%) on no account EVER EVER use the card for anything.

You will pay interest on anything you put on it after the balance transfer.

The problem is, that you have to pay off ALL the money you transferred before you pay off the amount you have just spent on it.

Transfer the money, set up a direct debit, then cut the card up.

FighterNo1

Thanks again to everyone, can anyone suggest how I can move the 4058 in one go as CHR15 says the limits are not highlighted in the T+C's and are most likely to be 2500/3000.

Also, how do I go about checking my credit rating?

i have checked the 0% OD accounts and the OD limit is 2500, this is starting to get confusing!

GeorgeUK

I would suggest looking at the various LOB cards available, then depending on the limit they offer possibly also get a 0% card for the other debt.

Have you had a look at your credit history? If there are no late payments and nothing negative on there, i think you should get what you need.
(free @ experian)

Who is the overdraft with?
(Just incase you can overpay a CC and get the cash transferred to the OD)

Seaxwyn

Hi Fighter

Don't worry too much about transferring all your debt immediately. I would read the article, decide which card to apply for, then transfer all you can from your Tesco card onto that. Then apply for another card etc.

The thing to hold onto is that you are dealing with it. From this moment on your debt will be going down, so don't get stressed about doing everything all at once.

To check your credit record, sign up with CreditExpert - and go through Quidco to get £6 cashback (every little helps). However personally I don't think this is vital if you are confident your credit record is OK. If you have not had problems getting credit in the past, and have not missed payments, there is probably no need to check it.

SunderlandBlackCat

As others have said - have a read of martins credit card shuffle article.

http://www.moneysavingexpert.com/cards/cut-credit-card-interest

You won't know what credit limits you will get until you have applied for the card & there are no hard & fast rules as to how much you will get & how much you get determines what the cheapest course of action will be.