Looking for some advice on my current/worsening financial situation please.
I currently have three credit cards.
x1 Lloyds card, with circa £6,500 with an interest rate of 11.95% p.a
x1 Barclays card with £2,500 on it, currently at 0% interest for a remaining 9 months.
x1 Tesco credit card with £0 balance, and no offers and a £1250 credit limit.
I'm comfortably making the minimum payments on both cards, with usually what ever else spare I can thrown at it (another £100 or so on each)
I'm nervous that this Lloyds card costs me around £120 per month minimum payment with £50+ of that being interest. I want to get this paid off ASAP, but also don't want to neglect the Barclay card as when the 0% deal runs out, the interest is circa 19% p.a!
What would you recommend here?
Is it worth considering a Loan to pick up the Lloyds card to avoid the interest, and then make comfortable payments on the loan, and throw the excess into the Barclays card. Before finally returning to the loan to settle this early once I've build funds up?
I did have a £1000 overdraft recently, but the Lloyds credit card recently offered me a cash transfer from the credit card to my current account at 0% interest for 12 months. Which I did, so in fact there is circa £7,500 on the Lloyds card, although only £6.500 is costing me currently.
ANy help would be great/