Balance transfers for a newbie

Fergal_3

Hi I have 2 credit cards the first is a Barclaycard with about £4000 on it the other is ambna card also with about £4000 on it. Whats the best thing to do to get my debt down ?

Thanks

grumbler

Fergal wrote:

Whats the best thing to do to get my debt down ?

Save money and pay the debt off. Balance transfer can help you to save money, but not to get your debt down!

See Balance Transfers link in the blue box above and http://www.stoozing.com/0fees.htm ...

Fergal_3

I need to save money by paying less interest each month, the money I save on on terest payments will be used to pay the debt off, if you know what I mean.
I am new to this so please be patient if I dont get my point across frist time.

Thanks

zeddy_2

Hi,

I guess you just need to apply for a decent credit card who are offering 0% on balance transfers. Your new credit card might not offer you the credit limit that you require to transfer the lot though. But like you say then you won't be paying any interest so what you pay will be coming off your debt and not going in some banks pocket!

Fergal_3

So what the best card to go for ? some have a 2% transfer charge. Is that a bad thing ?

grumbler

Fergal wrote:

So what the best card to go for ?

See links in my post above

some have a 2% transfer charge. Is that a bad thing ?

£8000*2%=£160 out of your pocket. You decide if this is bad or good ...