Teetering on the brink

EatingBeans

OK, so having slept on it (and actually managing to get some sleep last night for the first time in ages - I’m not telling dd2 but that might have had something to do with the camomile tea she practically forced me to drink before bed 🤣), I decided to take a look at the interest rates I am likely to be paying on all my balances going forward and then decide where to shift the last balance from. As much as I want to leave the balance on Barclaycard on principle, that might be cutting my nose off to spite my face and let’s be honest Barclaycard aren’t going to care or even notice either way.

Very roughly, (because there will no doubt be a payment or interest to be charged that I am not accounting for), my credit card balances and interest rates are now:

Fluid £200 29% (my plan for this card is to use it for fuel and pay it off in full every month to keep it active but not actually paying any interest)

Aqua £100 29% (this card will be used for shopping and paid off in full every month, same reasoning as Fluid card)

NatWest £6,500 - £1700 0%, £4,800 22% (this is the card that still has £5000 space for another 0% balance transfer)

MBNA £8200 - £1000 at 25%, £800 at 0%, £6400 at 5% (there are a mixture of 8 different balance transfers here but they all end around December this year so will bounce to 25%)

Barclaycard £7100 22%

Santander £4900 0%

Total credit card debt £27,000
plus ~£8000 owed to my brother 0%

Total debt now ~ £35,000

That’s the first time I’ve added it up for months and honestly, I am really surprised it is still so high. Maybe Barclaycard has a point! It is amazing how much of the payout has been sucked up just from paying regular bills, birthdays and tbh a few thousand has gone to get the car and van back up to speed plus vet bills, second hand clothes for work etc. The only real substantial ‘treat’ has been the power station for the van but I don’t regret that one bit as it has already proven it’s worth as without it I very much doubt I’d have been able to start my new job on time. I almost wished I’d have kept adding up the debt because I know it got higher than the £42,549 October total in my signature but it just got too scary. 😬

Still, now I know where the balance now sits and the 0% offers I’ve been given are long I have a chance to start paying it down again. Now all I need is to sort out the income side and I will finally be able to make a budget again. 🙂

The question remains, how to split the remaining balance transfer offer? MBNA will be the highest rate after the current balance transfers end but Barclaycard is the one having the wobble about me. Maybe just £2500 from each? What do you all think?

ellenvan

Personally if you have time over the weekend I would do a full SOA again.

Then you can see the full picture and how long it may take to pay off balances.

Remember just because you are currently getting nil percent offers doesn't mean you always will.

I would probably target Barclaycard, just because it isn't playing along and one less card to manage also if you manage to pay it off soon.

Good luck and hope you are feeling better now, especially after a good sleep.

Money saving, Olio, listing etc all take energy.