What Do I Need To Do?

nicolajb1982

I have two credit cards.

Sky card which i owe £1000 on. The interest alone is £25 per month.

Barclaycard which i owe £500 on. The interest is about £9 per month.

I am paying as much as i can which is about £50 per month on each.

I have tried getting another credit card to get rid of the sky card, because i dont mind paying the barclaycard one. But i dont have a good credit rating.

I am really unsure what my options are.

I am upto the limit on both cards.

Hopefully someone can help.

CLAPTON

a. if you are up the maximum on each card it would seem you are spending more than your income

b. you need to consider how you can increase your income ... overtime, parttime job, sell stuff on ebay,subrent a room etc

c. then consider your spending... do you know exactly where your money actually goes... do you have a detailed budget and stick to it?
How can you reduce your spending?

d. of your existing debts, pay the minimum amount on the one with the lower APR barclaycard and as much as possible on the one with the higher APR (sky)

e. I would suggest you go over to the debt free wanabee board.. read the stickie for newbies and post up details of income, spending and debts and see what we can suggest over there.

ShelfStacker_3

You could try paying minimum payments on the Barclaycard, then paying the rest of the £100 you're currently spending on the Sky card. With any luck, your Sky debt will go down quicker, enabling you to put the whole £100 on the Barclaycard when it's finally gone.

This is called snowballing, it might give you a little bit of room to breathe and you'll hopefully get your bigger debts down a bit quicker.

emma396

is there any reason u need a new card? (extra spending or balance transfer?)

UK007BullDog

Both ideas sound good. Try to pay off more on the card with the higher interest (Sky) and minimum payments on the Barclaycard.

nicolajb1982

emma396 wrote: »

is there any reason u need a new card? (extra spending or balance transfer?)

Balance transfer

i thought it would help