We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Moving Loan To Life Balance Credit Card
Hi everyone - I've got a loan that is fo £11500 (if I pay it back now) 3.4 years left to pay, the interest rate is 6.9% Is it worth moving it to a life of balance credit card? I would like to clear it quicker too!
What do you think? :rolleyes:
Thanks
What do you think? :rolleyes:
Thanks
Nutty Bird
£1 per day 2013
Build a savings pot
£1 per day 2013
Build a savings pot
0
Comments
-
Depends what the payment penalty to repay early is.
If you can get LOB or 0% cards with combined limits of 11.5k it will probably save you some money. If you can afford the current repayments, by continuing to pay the same amount (with less interest) you should be able to repay earlier.
6.9% is not a bad rate for an unsecured loan though.
Good luck.
R.Smile
, it makes people wonder what you have been up to.0
This discussion has been closed.
Categories
- All Categories
- 347.2K Banking & Borrowing
- 251.6K Reduce Debt & Boost Income
- 451.8K Spending & Discounts
- 239.5K Work, Benefits & Business
- 615.4K Mortgages, Homes & Bills
- 175.1K Life & Family
- 252.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards