advice on clearing credit card debt

TW82

Hi, All.



First time poster - please be gentle and bear with me...

I'm currently managing my debts (just) , and can pay my mortage on time and everythiung else that's essential. Although childcare stings a lot, this will be made easier once my eldest starts school next year.

I currently have just over 10K in Credit Card debt over two cards MBNA and Virgin. The interest free period of these cards is due to expire shortly, so I'm looking at what the best option is - as it feels like a real millstone.
Would it be best to look for long term 0% balance transfers - 36-48 months and setuop a direct debit to clear within that time (if I can afford to). A lot of the current debt on one of the cards was a balance transfer that I wasn't able to clear in time due to being made redundant last year.
I'm thinking this is a better option than to take out a loan, or add to my mortage etc , but open to suggestions.

Also, is it possible to do balance transfers , clear a lot of the debt but perhaps not all and then repeat the balance transfer option?

Many thanks , all

System

Looking at 0% deals and setting up a monthly direct debit to clear by the end of it then cutting up that card would be the best solution.

You also need to look at spending less on everything as a whole so post a SOA so people can see where you're overspending and suggest alternatives.

Dobbibill

Hi TW82 - welcome to the forum.

I agree with Tarambor - if you are able to get a 0% CC then move the debt and pay over the minimum to clear within the promo period.

Have you had a look at the eligibility checker to see if you are likely.

Well done on addressing the debt.
Here is the link to a SOA

http://www.stoozing.com/calculator/soa.php
Fresh eyes can sometimes see areas where savings can be made that looking at it from the inside often misses.

TW82

Thanks, Dobbibill and Tarambor.



I'll work through a SOA this evening and post back. I have a feeling it won't show much I can cut back on. Childcare for two children (3 and 1) and a fairly high mortage means I don't have much wriggle room!