Where to go, what to do?

avfc82

Hi,

I currently have three Credit Cards with the below debt:

MBNA - £6000 (0% interest till February 2020) - Total limit £11,500
Co-Operative - £0 Total limit £10,000
BarclaryCard - £0 Total limit £10,450

I earn £2700 after tax each month, pay £800 a month on rent and £300 on other stuff i.e. car fuel, food etc).

When it comes to February, I want to transfer the outstanding debt (Hopefully I will have £4500 in february) to another balance transfer credit card and start saving as basically have none.

Not sure what to do, shall I try and pay all the MBNA amount by February without transferring to another credit card? Problem is as I have no savings and something happened then I have no money to fall back on. What do people actually do when they transfer to a balance transfer credit card, pay the minimum each month and then transfer to another balance transfer credit card when the end date period finishes?

Also should I start cancelling the credit cards where I have no debt?

Thanks

[Deleted User]

Balances transferring over and over again isn't clearing the debt, just moving it.

Throw as much as you can at it to clear it down

eskbanker

avfc82 wrote: »

I earn £2700 after tax each month, pay £800 a month on rent and £300 on other stuff i.e. car fuel, food etc).

When it comes to February, I want to transfer the outstanding debt (Hopefully I will have £4500 in february) to another balance transfer credit card and start saving as basically have none.

If you have a £1600 monthly surplus (as implied by those figures) then you should be able to clear all of the debt before February?

avfc82 wrote: »

Problem is as I have no savings and something happened then I have no money to fall back on.

[...]

Also should I start cancelling the credit cards where I have no debt?

If you concentrate on paying off the debt first, before starting to build savings, then you would still have access to money in an emergency if you retained your cards....