Should I be panicking about balance transfers?!

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In this week's mail out:

"URGENT! Do a Debt Audit BEFORE recession hits. Recession can mean redundancy and pay freezes; which will kill your credit rating. So everyone should act NOW to do a Debt Audit. "

:huh:

Do we think it is likely that CC providers will withdraw their balance transfer offers in the near future?

I have two credit cards with 0% on them at the moment:

Barclaycard = £1300 due to end in February 09
Abbey = £1800 due to end in May 09

I'm getting twitchy as to whether I should apply for a new Virgin 0% BT offer now or wait until January.

Are lenders more likely to refuse credit after Christmas?

Should I transfer my balances now or wait?

Does anybody have any valium?

:rolleyes:

* (btw, I've had a Virgin card before and closed it this summer, so I'm hoping I'm good to go on another new deal...)
Proud to be dealing with my debts! :beer:
egg loan [strike]£10300[/strike] £2400
student loan [strike]£4500[/strike] ZERO!!!
MBNA CC £4500

Comments

  • poker_face
    Options
    In this week's mail out:

    "URGENT! Do a Debt Audit BEFORE recession hits. Recession can mean redundancy and pay freezes; which will kill your credit rating. So everyone should act NOW to do a Debt Audit. "

    :huh:

    Do we think it is likely that CC providers will withdraw their balance transfer offers in the near future?

    Sounds like scare mongering to me.
    |Credit Card Debt Free|I'll bring you flowers in the pouring rain|
    :money:
  • clio
    clio Posts: 3,345 Forumite
    Options
    Well mint have took away bt for new customers and i think cap 1 have withdrawn there bt cards as well..
  • Halloway
    Halloway Posts: 1,612 Forumite
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    In this week's mail out:

    "URGENT! Do a Debt Audit BEFORE recession hits. Recession can mean redundancy and pay freezes; which will kill your credit rating. So everyone should act NOW to do a Debt Audit. "

    I think that statement is misleading and (characteristically, I'm afraid) over the top. What I think it is trying to say is that if you lose your job or have a pay freeze then it may affect your ability to pay off existing debt, should you have it, which may adversely affect future credit ratings. But what it actually says is that redundancy and/or a pay freeze will directly cause your credit rating to suffer. Which is not true.
  • Trembling_Turnip
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    clio wrote: »
    Well mint have took away bt for new customers and i think cap 1 have withdrawn there bt cards as well..

    May be true but it seems Virgin have increased their offers to 16 months 0% from 14 months (I think.)
    Proud to be dealing with my debts! :beer:
    egg loan [strike]£10300[/strike] £2400
    student loan [strike]£4500[/strike] ZERO!!!
    MBNA CC £4500
  • clio
    clio Posts: 3,345 Forumite
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    T-T
    There are deals out there to be had ie virgin, plus tesco do 14 months egg are doing good deals as well, even asda are doing 9 months on bt's, so some companys are acting normal where as some are keeping things tight by removing offers.
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