Help - Which Credit Card should I transfer Bals to ?

C

CC

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Hello

Please hope someone can help me. I have let my credit cards get out of control and need to take serious steps to sort this out. I stupidly have 2: an AIB Visa and BOI Mastercard ad between both owe about 7k. Need advice on how to clear these. Which is the best CC company to transfer the balance to. I have always paid the min. amount on each but I seem to be getting nowhere. Need to know where is best place to transfer them too and then just cut all cards up and pay it off as soon as I can. What happens if I haven't cleared it in 6 months ???
Any advice / suggestions / help greatly appreciated.
 
Even assuming you cut up all the cards, so that you're no longer adding to your debt, do you have any realistic chance of repaying the €7k within six months? Rather than juggling with even more credit cards, you might be better off clearing them all with a credit union loan.

Because you're only been paying the minimum amount, I'm assuming your spending is also out of control. Juggling credit cards might be a temporary quick fix but it won't solve the underlying problem.
 
Help with Credit Cards

Thanks for the replies.

I know what you are saying. I can afford to pay off between 400- 500 per month now as I have set a budget that I have to live in (good times are well and truly over !) I may be able to throw some more in every few months as well but yes it will take me over 12 months to clear them.
Actually feel sick about how I let these get out of control bu really want to do something about them.
Maybe I should just transfer one of them and clear that first.
I phoned MBN and they said that they charge 1.9 % on balance transfers and then 13.9 % rate of purchases after 6 months.
currently with AIB I pay 18.9% on purchases - girl couldnt tell me interest I am paying on it already - have balance of 2200 on this.
With BOI am paying 15.8% on purchases.

Don't have a credit Union account so wouldn't be able to get a loan from them. Feeling a bit desperate at the moment but am determined to clear them. Anybody else achieven this recently and if so what action did you take ???
 
Have you read the links that I posted above? Have you tried contacting MABS and/or doing a personal budget?
 
Help with Credit Cards

Regardless of whether or not you want to take out a CU loan, transferring your 7k debt to another credit card company might not be an option. 7k is a fairly hefty limit on a credit card with a company with whom you have no record.

Taking a loan out, even over 12 months, is probably your only realistic option. Once you hit the 6 months with a new credit card company, the interest starts piling up again & you'll be back to square one.

And if you do take out a loan to clear the cards, close both of them. You can use laser for most things now & it is very vary hard to be disciplined with credit cards.
 
Re: Help with Credit Cards

Congrats on recognising the problem and your determination to get it sorted. It won't be easy, but it will be easier to sort it now than in 6 or 12 months time.

According to our best buys list, NIB, AIB & UB are all accepting 0% balance transfers. You may find it difficult to get decent credit limits from these people. You don't really want to end up with 4-5 cards, all with 40 Govt stamp duty.

I'd see if you can get maybe 7k-8k in credit spread over 2 cards from these guys and transfer part of your balance there. Consider getting a credit union or personal loan to pay off the remainder, as these will cost you 8%-9% interest, as opposed to the 18% interest you are paying on your credit cards.
 
credit card hell

Why dont you get a part time job and start paying off you debts with the money you make from the part time job, wondering about a couple of % on rates here and there is not facing up to the issue! you got yourself in to this, its time to roll up the sleves and get yourself out of it. dont look on this as a mistake but rather as a good learning experience.
 
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