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loan or life of balance
Hi
I have an approx total of £7000 on a couple credit cards. I want to raise another £7000 to fund a partial loft conversion. Not sure which way would be the best, either transfer to a life of balance credit card then using a 0% card to finance the work then swap this to a life of balance card, or get one of the 5.8% loans torepay the cards and finance the conversion. If this is the option the cards will not be used after the balance has been paid. Any thoughts
thanks.
I have an approx total of £7000 on a couple credit cards. I want to raise another £7000 to fund a partial loft conversion. Not sure which way would be the best, either transfer to a life of balance credit card then using a 0% card to finance the work then swap this to a life of balance card, or get one of the 5.8% loans torepay the cards and finance the conversion. If this is the option the cards will not be used after the balance has been paid. Any thoughts
thanks.
0
Comments
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All depends on the APR and your ability to get one of the 5.8% loans. I have a great credit record but still finding it tough to get them to say yes!
If you are paying interest on the £7000 credit card debt at typical rates of 15%+ then definately worth getting the rate down through a loan or life of balance deal though. As you say - just make sure you don't fill the cards up again with purchases.
Good luck
R.Smile
, it makes people wonder what you have been up to.0
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