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Loan vs. Credit card
dealwithdebtdot
Posts: 278 Forumite
Hi, I am a relative newbie, that could do with some guidance!
I have in the region 0f 3,400 on a credit card. I applied for a loan to clear it which i got. However the intrest rate seems pretty high (18.9%) and the settlement figure extortion!
So I don't know if i should take it now, or just stick with the CC (in the region of 20% APR), I can over pay that!
The benifit of the loan i guess is knowing how much i have outgoing for the next 3 years, and i could save what I would overpay.
I think it probably is best to stick with the CC all things considered, but do you guys say you?
I have in the region 0f 3,400 on a credit card. I applied for a loan to clear it which i got. However the intrest rate seems pretty high (18.9%) and the settlement figure extortion!
So I don't know if i should take it now, or just stick with the CC (in the region of 20% APR), I can over pay that!
The benifit of the loan i guess is knowing how much i have outgoing for the next 3 years, and i could save what I would overpay.
I think it probably is best to stick with the CC all things considered, but do you guys say you?
Pay off as much as you can in 2012 challenge No. 64: 328.75/2,500
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Comments
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What is the interest rate on your credit card? How much can you afford to pay off each month?
Have you considered trying to get a 0% balance transfer credit card?0 -
I would definately go for the CC rather than the loan at that rate. You will probably be able to pay it off quicker and with less overall interest.
As sarah suggested, have you tried getting a 0% card?After falling off the gambling wagon (twice): £33,600 (24,000+ 9,600) - Original CC Debt: £7,885.91
Dad Gift 6k ¦ Savings & Inv Tst: £2,500
Loan 10k: £0 ¦ Dad 5.5k: £2,270 ¦ LTSB: £0 ¦ RBS: £0 ¦ Virgin £0 ¦ Egg £0
Total Owed: £2,270 (+6k) 11/08/20110 -
Thanks guys,
I was declined a 0% credit card from Virgin. The amount I can OP varies, it depends on how much travel expenses I get, as well as any savings I make on my grocery/petrol I make.
But yes the CC, seems to be the way to go.
CC card intresrt is approx 20% APR...they said they couldn't tell me exactly!Pay off as much as you can in 2012 challenge No. 64: 328.75/2,5000 -
te interest rate should be on you CC statement.
I would stick with the c/card. Firstly its less temptation could you clear the c card with the loan and then not ramp up the c card again???MF aim 10th December 2020 :j:eek:MFW 2012 no86 OP 0/2000
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hi
You interests rates have to be listed on your statements, by law. So have a look on them. They may quote % per month or per year.If you've have not made a mistake, you've made nothing0 -
Thanks,
% on my statement is per month.Pay off as much as you can in 2012 challenge No. 64: 328.75/2,5000
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