Credit card debt.. Help!!

[Onebloodyjob]

Ok so we're in a bit of a pickle.. Well I think we're fucked but I'm known to be dramatic so will try and keep calm. We have a credit card with 3000 on it and I want to do a balance transfer.. However the cards I can have won't transfer the whole balance so what do I do? Would it be bad to have 3 cards (I could actually cry writing that)
Id like to say that I've overspent on hols and clothes but we used the credit cards to pay for food and essentials after we were royally screwed over business wise and nearly lost everything. We're finally coming through it and I've not spent on the cards since before Christmas. I want it gone and I just don't know the best way to do it. I already pay more than the minimum every month
Any advice would be greatly appreciated

Money saving expert is the best place to start. Are the balance transfers at a low rate?

You could see if the balance transfer card options will give you a higher amount? But definitely transfer what you can off, pay the minimum on that low interest card, and do your best to pay off the whole of the higher interest debt. Then turn your focus back into the balance transfer card.

I can have a look. Would it be awful to have a couple of cards? It'd be easier to transfer the whole lot I know

Thank you. I just need to get control of it before it gets worse!

Do you pay it by standing order? Apparently this is a must and brings your debt down quicker than paying by DD

Some expert will be along soon

My bank lent me the money to pay off my cards and it worked out better for me because of the interest rate.

Because it's a set loan I pay off the same amount every month and it chips away at it without a growing interest.

Hope you get it sorted, it's not a nice feeling.

The main thing is getting it interest free so you can pay your balance. If you have to do it on more then one card then do it BUT don't spend anymore on them as then you end up in a worse position. Then when you have the cards at a limit where you can get them on one balance transfer again.
Look for transfer fee free options. I moved to tesco bank and they didn't charge a fee and in the past I did the same with the AA.
Try using topcashback, you might be able to make some money when you balance transfer which could then be used to pay on to the card.
X

I'd say it's definitely best to get the full balance on to 0% interest rates even if you're splitting it across multiple cards, otherwise a chunk of the money youre paying will be unnecesarily covering interest. You just want to make sure you don't spend more on any of the cards - perhaps you could phone and reduce the limit each month as you pay off the balances. I would want to pay the minimum on two of the cards and as much as I could afford on the third to enable me to close one of the cards quicker. It doesn't really make any difference whether you owe £3k on one card or £1k each on three cards, but psychologically closing the card as it's paid off would feel better.

Thank you all.. I'm feeling very emotional about it all and having some proper advice that makes sense to me is helping alot.
I'm gonna chill out tonight and tomorrow I'm gonna have a good read and look at some cards and sort this shit out.
Thanks again xx

Also we don't need to spend on the cards anymore as I've about killed myself budgeting and meal planning and being so careful with every single penny that things are now better for us. It's just this credit card debt that's hanging around

There is nothing wrong with having multiple cards if you need to. Just look for cards with 0% balance transfer deals. Money Saving Expert has good guides.

Don’t get a loan if you can get 0% cards.

There's nothing wrong with having multiple cards... as long as you don't start spending on them too ;-)

Hop your question on the debt free 2018 thread.
If you can get a 0% card great stuff but if not try snow balling...paying off the highest % first keeping the other cards above the minimum by standing order.
Depending how much you have to throw at the cards you could be free of 3k quite soon.x

If you are stuck with the cards you have
no matter what the interest rate
switch them to standing orders
and then bring the rest of your spending under control
I'll bump the spreadsheets thread that explains the magic

Standing orders are potentially risky if you get the payment dates wrong and end up with a missed payment. A fixed direct debit is best.

Bollocks

Standing orders are set by the borrower
you make the date right

Direct debits are set by the lender
card lenders almost NEVER offer fixed DDR payments

Thank you.. had a busy day and no time to have a wee let alone sort out credit cards!! Shall sit tomorrow and crack on. Really appreciate all the help

Talkinpeace

Slightly aggressive there! The reason I am wary of SOs for CC payments is because payment dates can vary each month - you only have to read a few MSE threads to see how many people get caught out by this. And if you do go wrong with it and miss s payment (by paying too early) then that’s the end of your 0% deal. I’m sure it’s doable if you are very careful and on the ball, but there is lots of room for error.

All but one of my (many) CC providers offer a fixed DD option. For the one that doesn’t I pay the minimum by DD and then make an additional manual overpayment to bring it up to the total I want to pay (manual rather than SO because obviously the amount varies each month).

So you set the standing order for five days before the due date
its not rocket science

and with a direct debit, THEY Are in control
with a standing order YOU are
its very simple

A standing order is fine if you are 100% certain it will hit the account before the payment is due, and that the set amount will cover the minimum amount.

A direct debit ensures that - as long as you have the money in your current account - the payment will be made on time no matter what.

Pay by direct debit, then you know the payment will never be late. If you want to pay extra then you are free to do so at whatever date suits you.

and with a direct debit, THEY Are in control

There's nothing wrong with that, it just means they're doing the work for you.

I have money split over 5 cards because it’s the best way of doing it. They’re all 0%. When one deal ends I move the money to another card. After a while the original card people realise you’re not using the card so offer you a 0% on balance transfers deal and then you can move money back onto that. It seems complicated but it can actually be really helpful to have multiple cards. My limits for all the cards have been put up and up over time as well, which has improved my credit rating.

It’s not hard to set up a standing order though, I’d rather be in control than them because they’ll just spin the debt out for as long as possible.

it just means they're doing the work for you.
Yup, and making a fortune in the process

switching from variable direct debit to standing order reduces the repayment time on a card from around 20 years to 2

No one has suggested only making the minimum payment. Anyway, this is a bit of a derail - hope you get it sorted OP.