Month Two! Thing haven’t gone quite as well as I hoped this month. Both my Virgin credit card (for work) and Barclaycard went up in balance by 4.97% (£495). This is for a single reason, that being that I have dont a few days work this month away from Birmingham. As a result, I have put on travel expenses, and also was eating out a bit more than I hoped. Since I can’t claim back all my meals from work, I put some of the meal costs on my personal credit card.

In the next week or so, I’ll be refunding some money on my Virgin card, which should reduce the balance on that.

Another change is that I am going to be cancelling my Barclaycard. While it has the lowest rate of interest, it has a significant balance on it and it makes sense to move it to an Interest-Free card. So I’ve applied for a Halifax Credit Card, which currently offers 20 months interest-free, with around a 3% balance transfer charge. This means I’ll be paying about £80 in fees, but since my interest is around £45 per month, I will recover that in two months, leaving 18 interest-free to help reduce the debts.

The scary thing is that for a time, I will have 5 credit cards. But its only for a week or two.