Best way to tackle credit cards
I’ve been doing quite a lot of research but still not 100% sure of the best way to go about clearing my credit cards.
Originally I had 2 credit cards in use 1x £6500 no interest, 1x £9000 21.6% interest
I had 3 other credit cards with zero balance from over the past 10 years that I hadn’t closed luckily they had 0% balance transfer options so I have moved £5500 of the card I missed the payment from onto them this morning.
How would you go about paying all of this off completely? I’m going to cut up the cards/remove from Apple Pay etc so can’t purchase any extra with them.
This is the breakdown of the cards from today:
(Virgin 1) £2300 - Jan 2025 - 17 months 0%
(Virgin 2) £1100 - Jan 2025 - 17 months 0%
(Lloyds) £2100 - July 2025 - 24 months 0%
(Tesco) £1000 - 23%
(Barclays) £9000 - 21.6%
Prior to this I was making minimum payments and live pay check to pay check (£24,100) and ended up using my credit cards as would run out of money. I was previously self employed so earnt quite a bit more hence the limits, I then entered full time employment and trying to work my way up but unfortunately carried some debt and gained more since. I’m about to start a new job but it’s a side step to a much better company but no pay increase as of yet (people easily promote within the year by the looks so should be closer to £28-30k which will make things easier I hope.)So I’m not sure what to pay off 1st - my initial idea was clear the 0% cards equally by dividing the amount by the months and worrying about my interest cards after - I’ve had this debt for a while so I’ve accepted it’s going to cost me either way and being debt free is going to take a very long time.
Or make minimum payments on 0% and put the largest chuck into the Tesco clear that then go onto the the Barclays but probably won’t have cleared that or made much of a dent on the 0% cards before the time limits are up.
I cannot get any other 0% credit cards to move anymore credit score is average.
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