Credit Card Priorities - advice needed !

Devo

Hi Guys

Having lurked for a while I thought I'd post my situation and hopefully get some good advice.

Now... I have £3000 on my Egg card (limit £3000) and £1100 on my Barclaycard (limit £4100). It is the anniversary of my Egg card next month and so I obviously want to benefit from the 0% for 5 months offer. I am going to transfer the full balance from my Egg card to my Barclaycard and then transfer it back in July to take advantage of the 0%. Question is... do I then pay more off of my Barclaycard during this period or off the Egg Card? I'm assuming (from what I''ve read on here) that I should throw as much as possible at the Barclaycard debt during this period, in an attempt to clear it, so I can then transfer the remaining Egg balance back to my Barclaycard to benefit from the existing customer offer (5.9% fixed). Obviously, I will need to completely clear the Barclaycard first, which I should be able to do over 5 months - fingers crossed !

Hope that all makes sense and some peeps can give me more good advice?

fatboyonadiet

Post in the CC board, will get more advice. Welcome to MSE too!!! Anyway, BT from your Egg to your Barclaycard, ask Egg if you can up your limit, then once in your anniversary period transfer as much back as possible and pay off your Barclaycard, while still making min payments on your Egg card, 6 weeks before your Egg 0% runs out if you think you can' pay either off completely apply for another 0% offer card, e.g. Virgin, Halifax or M&S neither of which charge for BTs.

Devo

Ahh, wasn't sure which forum to post in, but I went for this one as I wanna be 'Debt Free' :j

Thanks for the advice... I just wanna be debt free and start savinf for mine and the girlfriend's future :eek:

Reaper

The rule is always pay off the most expensive debt first.

So while your Egg card is giving you 0% only make the minimum payments on the Egg card and pay as much as possible off on the Barclaycard.

The rest of your plan sounds fine, although if your credit rating is good and you think you might be able to get more cards then you could transfer the remaining Barclaycard debt to another 0% card, or another low % for life card such as Texaco.

Do make the best use of the 0% breathing space to tackle paying off the debts though, don't just let it slide.