credit card dilemma - Help!!

skintmam

me & dh are currently paying off our rather hefty debt - all is going well & have managed to get all credit card debt (£7150) onto 0% cards.

mbna - balance £6700 - 0% until jan 09 - credit limit £7700
a&l - balance £450 - 0% until may 09 - credit limit £700

I also have barclaycard with £5k limit and mint, £2550 limit both are currently empty. (oh and asda with £500 limit which we use for petrol only and is paid in full every month)

i'm not too concerned about A&L at the mo as its quite a low balance and i will have no problem clearing it before May. I am currently throwing everything I have at MBNA with the view of getting it sub 5k by end of december.

now my quetion is.. (she finally gets to the point :rolleyes:...) barclays are offering me 6.9% life of balance transfer for £4.5k - is this a good deal or is it worth hanging on and seeing what else comes my way? they could only offer me 0% until march 09 which is pretty usless. If I leave it a bit longer are barclays likely to come up with a better deal - I'm tempted to bite their hands off for the 6.9% as seems a lot better than the 29.9% :eek: that mbna are looking to charge me from january!

HELP - I'm so confused!

NickX

skintmam wrote: »

I'm tempted to bite their hands off for the 6.9% as seems a lot better than the 29.9% :eek: that mbna are looking to charge me from january!

I think you have answered your own question here.

If you are going to struggle to pay off the MBNA card before the 0% promotion expires or transfer the debt to another 0% card, then you are quite correct in saying that 6.9% LOB is far better than 29.9% variable.

skintmam

Thanks NickX that's what I thought but just wanted to make sure I hadn't missed anything. will ring barclays tomorrow to start the ball rolling and then the pressures on to clear the rest off MBNA by end of december!