Credit Card advice needed

brednall

Good morning

I currently have 2 credit cards - one which is joint with my hubby which he pays each month (currently minimum but we need to up this following letter from lender) and the second is mine, again paying more than the minimum following a letter from lender.

Looking on comparison sites, I am not eligible for most of the standard cards to transfer the balance (or part of it) and it shows I will be accepted for Marbles/Aqua/Fluid cards on 5-6 months interest free.

Is it worthwhile transferring part of my balance to one of these cards for the short term to reduce the balance on the higher card as I am struggling to meet the increased payments they are requesting each month?

Thanks in advance

Andyjflet

What are the balances, rates and minimum payments ?

Anything you can do to reduce interest is a positive but don't spend back again on the other cards. But you need to consider how much the transfer cost is ?

Is your ineligibility due to adverse credit or income >

eskbanker

brednall wrote: »

one which is joint with my hubby which he pays each month

There's no such thing as a joint credit card - it's either your card, with him as a secondary cardholder, or his, with you as secondary. That may seem pedantic, but it's likely to be important to know whose credit file it appears on if looking to refinance debt....

brednall

eskbanker wrote: »

There's no such thing as a joint credit card - it's either your card, with him as a secondary cardholder, or his, with you as secondary. That may seem pedantic, but it's likely to be important to know whose credit file it appears on if looking to refinance debt....

It is in my name and he is an additional cardholder

brednall

Andyjflet wrote: »

What are the balances, rates and minimum payments ?

Anything you can do to reduce interest is a positive but don't spend back again on the other cards. But you need to consider how much the transfer cost is ?

Is your ineligibility due to adverse credit or income >

One is around £7k and the other £9k. Fairly standard APR and around £200 a month payment although one is asking for additional £100 which I just can't afford

[Deleted User]

brednall wrote: »

It is in my name and he is an additional cardholder

So it's not a joint CC, as explained above - you're the one with sole responsibility for the account

[Deleted User]

Best to post a SOA detailing incomings and outgoings.

brednall

Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2

Monthly Income Details - Mine only
Monthly income after tax................ 950
Benefits................................ 137.6
Other income............................ 150
Total monthly income.................... 1237.60

Monthly Expense Details
Secured/HP loan repayments.............. 195 (car)
TV Licence.............................. 13
Groceries etc. ......................... 300
Clothing................................ 25
Petrol/diesel........................... 70
Road tax................................ 0
Car Insurance........................... 20
Car maintenance (including MOT).........0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery.......................
Other child related expenses............ 50 (dance classes)
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills.................
Presents (birthday, christmas etc)...... 0
Haircuts................................ 20
Entertainment........................... 30
Holiday................................. 0
Emergency fund..........................0
Total monthly expenses.................. 733

Unsecured Debts
Description....................Debt......Monthly
Barclaycard...................8918......275........
DFS HP…....................... 218….....20
Next…..........................1495 ......80
Total unsecured debts.........10631....375......-!

This is just my income and expenditure as hubby pays for mortgage,council tax, insurances etc plus sky/phone. We do not have a joint account due to him being stung in the past. I know I am partly responsible for these but on a day-to-day basis they do not impact my expenditure.

[Deleted User]

What's his income and outgoing costs?
Does he have any debts?

So you have £10k of debt that you're paying £375 per month for - this will take YEARS to clear at that rate.

brednall

!!! wrote: »

What's his income and outgoing costs?
Does he have any debts?

So you have £10k of debt that you're paying £375 per month for - this will take YEARS to clear at that rate.

This i know already Gary. Mine and my husbands financials are separate and i need to concentrate on mine at the moment.

[Deleted User]

You're married right?

You should be supporting and helping each other out?

There should be no such things as "separate financials".

Is he aware of this debt?