CC v Loan

Jack_D_2

Hi there

I hope this is the right place to post is, but i need some advice about how to sort out my Credit Card debt,

I have one (and i wish I never got it) card its max is £2000 and balance is £1888.26

I have read some where its better to take out a small personal loan out, and to pay off the cc.

I am totally confused in what the best way to sort out.

I feel that iam not getting any where with reducing the cc at the moment.

Hope someone can help me

Many thanks

Paige

Hi
What is the apr on your cc ? It may be a better option to apply for a 0% on balance transfer credit card, if you have a good credit rating that is. The link on Martins homepage will take you to the credit card section.
Paige X

Jack_D_2

Hi Paige

Just had a look at my CC statement its Typical 17.9% APR

Do i just apply for a new card and transfer the balance to my new card

Paige

Hi again
You should be able to better that if you have a good credit rating. I think the best long term 0% cc is virgin (dont know if I am allowed to say that !!)Check with the credit card section on here. If you are succesful you will pay a 3% balance transfer fee. This will be approx £56. They will add this to your balance. You will then have about 18 mths to pay it off.
If you do decide to apply tell them you want to do a balance transfer at this stage and they do it for you. I applyed online as was told instantly that I had been succesful. If you do get the card remember just to use it for this balance transfer and not purchases. If you can set up a direct debit every month for the minimum repayment, sometimes if you miss the min repayment they take away the 0% offer. This would deff be cheaper that a loan. Is it worth posting your SOA so we could help you with reducing your outgoings so you have more money to pay off your debt ?
Paige X