Help with credit card debt

A question about : Help with credit card debt

Hi all,

I am just hoping to get some advice about my current credit card debt.

I currently have a balance of Ј2,500 on my tesco credit card which has 0% on balance transfers until June 2015. I can only afford to pay Ј100 per month, so I obviously cant pay the balance off before the 0% deal ends. I am just a bit unsure as to what to do?

Am I better off paying the Ј100 per month until June then trying to switch to another 0% card? or should I try to switch to a card now with 28 months at 0%?

Will my credit score be bad, I just have this credit card and a halifax credit card, which has Ј0 balance?

Thank you.

Best answers:

• You have a deal in hand right now. You will have more chance of switching a smaller balance next year to another card, then you will have switching a big balance now. Not to mention the fact that you will have paid a balance transfer fee for this deal which will be wasted if you switch again. Switching isnt free and they try to get their interest via the fee, so, ideally, you should only pay once. You have 9 months yet, you can make Ј900+ of payments bringing your balance down to Ј1600 assuming you dont spend any more money on that card.
• Personally I would wait till April as you will have cleared a bit more off the tesco card by then. Close down the halifax card or lower the limit if it has a high one. Takes away some temptation then. The BT fee will be lower too as your debt has gone down.
  Might be worth going onto the debt free wannabee board & posting up a statement of affairs on there as they can tell you areas that you can make savings in.