Credit card advice please

KL03

Hi
New to this so I hope this is ok.
I currently have 3 credit cards which add up to about £15000, they are all on 0% interest, I was wondering if I should put all the debt on one card or is it ok to have it on 3.

I don't spend on these anymore just trying to get them paid off as quickly as I can. I pay about £350 a month at the moment.

Thanks for your help.

Working_Mum

Hello KL03,
Do you know when you 0% offers expire on each card?

The strategy should be one of paying off each card before the 0% expires and you start to pay interest. So if your current payment plan supports this then why change?

You may not qualify for a new card with the whole balance of £15k at 0% but if you have a card with a 0% deal which expires soon AND still has a balance on it then you should try to switch it to 0% in my view!!

Good luck with your debt busting!

enthusiasticsaver

No don't put them on one. That is no help in reducing debt and you will pay fees to move it. Just focus on paying them down starting with the one which finishes first. How did it get so high?

kwame41

Even if all your cards are at 0% for three years each you wont pay them off before you start paying interest.


As said, focus on the card with shortest period left and pay that first.

I wouldnt get anymore cards. Can you increase the amount you pay per month?

redux

Don't merge them.

Presumably the 0% offers will expire at slightly different times, and you may want to recycle one or two. Things will be more flexible if the balance isn't all on a single account.

Willing2Learn

Another post to say don't consolidate in to one.

£350/month repayments is not really enough for the amount of debt. Is there any way you can increase your payments? Do you have any other debts that you are struggling with?

Goudy

Don't do it, yet.
As already mentioned, concentrate on paying off the shortest 0% period first.

Then plan on what to do when that comes to an end and you still have a balance on it. (and again with the next card).

You'll obviously want to transfer it to another 0%, but be careful of balance transfer fees, some are as high as 3%.

No point paying a balance transfer fee if you can help it, certainly not worth it for just a few months at 0%.