I’ve been looking into the best ways to clear my store card, catalouge debts. As I’m paying a large amount to them monthly but the interest is killing me.
Could someone tell me if I’m on the right track here?
Basically I have debts on both Very and Next (Both just over 1000 pounds each), I have a Capitalone platinum card with 1400 credit, and I’ve just been accepted for a Barclaycard with 4500 limit and 0% on balance transfers for 25 months.
So, my plan is, use the Capitalone card to pay Very, and balance transfer to Barclaycard, and then use it again to pay Next and do a 2nd balance transfer. Then pay the Barclaycard monthly to avoid Very’s 44% interest.
Can someone tell me if this is the right thing to do?