Large credit card bill help? Balance transfer?

[MyGoldenNotebook]

I have 6500 on a credit card on a 24% card (it was 0% originally). According to Experian my credit rating is still 'good' (but only just I think at 908) and I was thinking about transferring to one or two other cards - but I'm worried about transfer fee. It will take me 2.5 years to pay it off if I pay off £200 a month (minimum is £140) but I would like to pay it quicker if can.

What would you all do?

I would transfer it to a 0% card if you can and throw every spare bit of money you've got at it.

Transfer it. Go to moneysavingexpert to check out best deals and a thingy you can use to see if you are likely to be accepted that doesn't leave a trace on your credit record. Lots have tiny transfer fee at moment. Then once balance is transferred, set up a standing order for the amount each month you need to pay to clear balance at end of interest free period, eg £283. It's the only way to deal with it so you actually clear it. Oh, and cut up the card when it comes. Never ever use it to purchase anything.

Only transfer if you will stop spending, otherwise your debt will escalate regardless of the rate.

I think I will transfer. There is one card which has 6.9% for life of balance which I'm looking at. Do you think it's still worth it if you have to swap to two or more cards?

Well you are stuck with a credit limit obviously but if you can get two cards to split debt it's the thing to do. Anything rather than pay 24%! But you must take steps to stop it happening again. It's really hard but you will feel better for it

transfer and then lock the amount you pay - do NOT let them reduce it each month .... I'll bump my spreadsheets thread up the board for you to look at ....

Thanks for all this advice. I really do want to get out of debt. It's my only card. I don't have any loans etc. how do you 'fix' the amount you pay. Do I just tell the cc company to fix it at a certain amount?

Mygolden
"inform" them that you have set up a standing order and cancel the direct debit.
They will sulk and strop for reasons very clear if you look at the spreadsheets

but you will have the debt cleared in a couple of years rather than a couple of decades

if needs be, download the spreadsheet, pdf it and email it to the burgers ...

then remember to cancel / amend the standing order that final month
(DD is controlled by the recipient, STO by the payer ...)

Thank you. I will get onto this x

You set up a standing order for the amount you want rather than let them do direct debit for minimum. Most cc companies will be very pleased to have this but will be swingeingly vindictive if you miss a payment! So don't. It won't take long for you to disregard what you pay each month from your monthly income and it gets it down so fast. Divide debt by length of interest free period for the amount you need to set up SO for.