A little stuck with credit cards and no more offers!

AThorn22

Good afternoon. I am looking for a sensible, most affordable outcome to this if anyone can advise!
I currently have 5 credit cards. 1 I am paying high interest, 1 is currently no interest until next year, the other 3 have low interest rates. 
Ideally everything would be on one card that I would pay back over a couple of years - even with small interest. 
However the issue I have is that although I have 'good' credit score, the only balance transfer I can get 0% at the moment lasts 6 months.

My total credit card debt is about 10k.
Total interest I am paying for all cards is about £50 per month, paying minimum payments on all cards which equates to about £120pm.

Any help and advice of what I could do would be fantastic. Thank you very much.  

blue.peter

Does it have to be a credit card at all? If your objective is to clear the debt altogether, have you considered looking for a debt consolidation loan? You could use that to pay off the credit cards, and then only use the cards (or maybe only one?) to the extent that you can pay them/it off in full each month.

[Deleted User]

Take the BT offer, transfer the hight rate debt then overpay the new highest rate debt.

AThorn22

blue.peter said:

Does it have to be a credit card at all? If your objective is to clear the debt altogether, have you considered looking for a debt consolidation loan? You could use that to pay off the credit cards, and then only use the cards (or maybe only one?) to the extent that you can pay them/it off in full each month.

Hi thank you but I am not eligible for a loan - the ones I am eligible for would charge me around £300 per month which I can't afford. 

AThorn22

Deleted_User said:

Take the BT offer, transfer the hight rate debt then overpay the new highest rate debt.

thank you - so I wouldn't be able to transfer all of the highest CC debt onto another card as I won't be eligible for this. I can't overpay aside from the minimum payment?

CRISPIANNE3

AThorn22 said:

Good afternoon. I am looking for a sensible, most affordable outcome to this if anyone can advise!
I currently have 5 credit cards. 1 I am paying high interest, 1 is currently no interest until next year, the other 3 have low interest rates. 
Ideally everything would be on one card that I would pay back over a couple of years - even with small interest. 
However the issue I have is that although I have 'good' credit score, the only balance transfer I can get 0% at the moment lasts 6 months.

My total credit card debt is about 10k.
Total interest I am paying for all cards is about £50 per month, paying minimum payments on all cards which equates to about £120pm.

Any help and advice of what I could do would be fantastic. Thank you very much.  

If you are with Lloyds banking group they will allow you to swap cards. So that could be Halifax, MBNA and Lloyds. I have done this quite a few times and have saved me a lot of money whether as purchases or balance transfers.

AThorn22

Oh really, ok thank you I will ask them as I have Lloyds, MBNA, Tesco and M&S. 

MallyGirl

AThorn22 said:

I currently have 5 credit cards. 1 I am paying high interest, 1 is currently no interest until next year, the other 3 have low interest rates. 
Ideally everything would be on one card that I would pay back over a couple of years - even with small interest. 
However the issue I have is that although I have 'good' credit score, the only balance transfer I can get 0% at the moment lasts 6 months.
My total credit card debt is about 10k.
Total interest I am paying for all cards is about £50 per month 

You aren't paying that much interest. You could take the 0% and just BT from the high interest card what you can pay off in 6 months (or the max if that is less) which would save a bit. Certainly don't look to move the 0% to interest incurring just for a 'simpler life'. It sounds like you are now failing on affordability so just focus on paying off the high interest one as the priority 

[Deleted User]

AThorn22 said: I can't overpay aside from the minimum payment?

You can overpay as much as you want.

AThorn22

Deleted_User said:

AThorn22 said: I can't overpay aside from the minimum payment?

You can overpay as much as you want.

Yes sorry I meant I cannot afford more than the minimum payment. 

cymruchris

AThorn22 said:

Deleted_User said:

AThorn22 said: I can't overpay aside from the minimum payment?

You can overpay as much as you want.

Yes sorry I meant I cannot afford more than the minimum payment. 

Is this a short term issue based on the current world circumstances - or do you see this being the case for the foreseeable future? If it's the latter, you might need to take a look at your income/expenditure to see if there are any areas you can cut back on, and put anything you can save towards these debts - tackling the highest interest card first. It's often suggested that you place a SOA - so that you can list down what comes in and goes out each month to see what your best options might be.