Advise me PLEASE

clio

Alreet MR P how you doing, is costa del gatesheeeed chocka with holiday makers lol???

Bismarck

please ignore the ugly troll...I've reported it.

Paul_J

kayla99 wrote: »

I have 2 credit cards [with not so nice APR's] which I have had several years, I am never going to pay them of at this rate.

Hi Kath.
I have had big balances on credit cards for over 10 years (I dont want to even begin to work out how much interest I've needlessly paid!!), for many of those years only paying the minimum payment each month. So I know exactly what you mean when you say it feels like they are never going to get paid off.

What has really helped me more than anything has been transferring my card debts to 'Life of balance' cards. I had forever been a rate tart, flitting from one 0% deal to another. Thing is, nothing ever seemed to get paid off.

However, since I transferred to the 'LoB' cards, I have visibly seen my debt continually fall for the first time in over 10 years. Every time I get a statement in the post now, I can really notice the dent I'm putting into my debt.

After transferring to the 'LoB' cards, I then used one of the interest rate calculators to work out how much I should/could afford to pay back each month, and how long it would take. I was amazed how much time could be shaved off repaying my debts simply by paying an extra tenner more than the minimum repayment! (and that was with a minimum repayment figure of around £150!).

So, to recap what got me on the road to clearing my debts:

• Transferred debts to the lowest rate 'Life of Balance' card/s.

• Used an interest rate calc. to organize a repayment schedule and fixed monthly amount and stuck to it, thus giving me a date in the future when my debt would be cleared. Some months are tough, and I go without the odd treat, but, its something for me to really look forward to now (roll on April 2010!)

• Made sure I paid more than the minimum monthly payment (even if it was just £5 or £10 more).

• Golden rule: Never ever make a purchase on the card you've transferred a balance to.

Good luck, Kath!