One day I will be debt free...

creditcardchaos

Hi

I’m starting this diary to keep track of my credit card debt. I posted another thread asking for some advice with how to tackle it - which card to start with and which to shuffle as I’m not able to get another 0% card at the moment. I can’t post a link because I’m new but I think if you click my name you should be able to see my other posts - If you think you can help id really appreciate it.

Today my debt stands at £16,643.40. I could cry. I had been higher, got down to £13k and now it’s gone right back up. Plan is to try as much as I can to throw anything extra I can manage to the cards.

Wish me luck x

worried_jim

Cut your cards up and crack on! You can do it. Good luck!

Willing2Learn

I just posted on your other thread too

I thought I'd pop back here too and wish you well on your debt-busting journey!

beanielou

One day indeed

creditcardchaos

According to the snowball calculator it will take me 3 years 5 months and cost over £5k in interest to pay this debt - let’s see if I can lower that figure and also pay faster.

Can anyone tell me if I have my debt over 5 cards but have one spare with a £1000 limit and zero balance should I be using that to transfer or leaving it open to hopefully increase my credit rating and be eligible for a balance transfer card at some point?!

creditcardchaos

Ok so my figures @ 12/10 were as follows:-

Tesco £850 2.24% £19.04
MBNA £1,650 2.07% £25.63
BOS £3,775 2.20% £78.66
BC £2,456.78 1.47% £36.20
£1,443.22 2.09% £30.19
HSBC. £3,738.02 1.67% £62.46
£672.38 0.16% £1.06
£2,058 0%
= £16,670.40

Today (29/10) they are ...
Tesco £745*
MBNA £1,600*
BOS £3,725*
BC £2526.68
£1373.32
HSBC £6,400
VANQUIS £0 - (£1,000 limit for a possible BT)
= £16,370

£500 in payments and £300 off the balance after interest �� It’s a start though! Asterisk balances mean statement for this month not generated so there will be interested added again before my next payment. FML.

Took everyone’s advice and working on high interest first. Thinking once I’ve gotten rid of Tesco I’ll transfer £1k of BOS balance to Vanquis so I’m not paying interest on the whole balance.

creditcardchaos

Had a spare £10 from this weeks budget which I’ve paid to Tesco. I think there may be wage rises at work this month so fingers crossed. If I can I’m going to try pretend that I haven’t received one and throw the extra towards the cards.

Can anyone tell me if, when I’ve paid the Tesco card, transferring some of the BOS to vanquis is a good idea? I’m not sure if that will help or hinder my credit score. It’s fair/good at the moment depending which site I check and the only negative is that I’m using a lot of my overall credit available.

enthusiasticsaver

I would not worry about your credit score. Lenders do not see it and they have their own scoring criteria. It is just a guide and not to be taken in isolation.

If you are paying £200 a month in interest I think getting that reduced should be priority so if transferring reduces the interest then do that. Watch out for BT fees though. Tackling the BOS as it is high looks like a good plan.

creditcardchaos

Thanks. I was hoping that by improving my score I might be eligible for another 0% card. I’ve tried the money expert eligibility checker and I’m not able to get any cards offering 0% at the moment.

enthusiasticsaver

creditcardchaos wrote: »

Thanks. I was hoping that by improving my score I might be eligible for another 0% card. I’ve tried the money expert eligibility checker and I’m not able to get any cards offering 0% at the moment.

I think you have to accept you are over committed at the moment and lenders will see that and be reluctant to lend you more, certainly not at good rates or 0%. As the debt comes down it will get easier. Have you posted an soa and are you tackling the debt aggressively? If you have been in persistent debt for some time it is less easy to get deals now.

creditcardchaos

So today I transferred the £750 from Tesco to Vanquis - there was no transfer fee and it’s 0% for 6 months so that’ll save £20 in interest a month. Not a lot but a start for sure. Should I keep Tesco open in case a 0% offer comes up with them or am I better to close it? Thanks