Help understanding credit cards

dbozner1

I currently have debt with 5 credit cards. I make payments on them every month. There is 1 credit card that I make a payment of £40 each month but I get charged interest of £23 every month. The debt on this card is £1,550. I am currently a postgraduate student and struggling to keep on top of this atm.

I know everyone will say that its my own fault for taking the credit cards in the first place and I accept that. I am just looking for some advice on credit cards as I do not understand exactly how they work in relation to moving money between credit cards.

So I have available credit on other credit cards. Would it be a good idea to transfer the debt from the £23 interest CC to another CC or will this just result in the interest going up on the newly transferred debt or am I just stuck paying this interest. I am not acceptable for any balance transfer cards as my credit rating has plummeted. Should I start paying minimum on the other CC and the extra that I used to pay on them put towards the high interest card? What are my options?

I hope I have explained this in a way that its understandable. I have looked online for advice on understanding credit cards but haven't found any available sources.

Apologies if I have posted in the wrong forum category. 

RAS

Perfectly understandable but we need more information to help you. And you may need cast iron discipline to start making it work.

Short-term, can you list your current cards, the amount you owe on each, the APR and the limit on each? Plus any dates when deals end.

You may be wise to do a full SOA, as we may be able to spot things that you can do to improve your finances.

And also do look around to see if there is stuff you no longer need or want and can raise a few quid, although that might be better to stash a £100 in a savings account so you have the start of an emergency fund. That prevents you using expensive credit cards.

dbozner1

Thanks for the reply.

Here is a list of my credit cards...



I have read the santander statement couple of times and it doesnt state the APR rate. All it states is purchases are 1.45%

I have went through my incomes and outgoings and I dont have any subscriptions that I could cancel. My main outgoing is my car which is £220 pm but I have already looked at selling it to a dealer but it would leave me £3000 having to pay finance company.

 

Little_bit_taller

Do you have the Santander app? Can you ask their agents how much the APR is?

Little_bit_taller

It would be really useful for you to fill in your statement of affairs (SOA) and post up up here so people can give you advice on how to tackle this debt i.e. do you have an income etc. Please fill in and format for MSE.

https://www.lemonfool.co.uk/financecalculators/soa.php