We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Want to become a Forum Ambassador? Visit the Community Noticeboard for details on how to apply
Transfer loan onto Card or Not
I currently have a loan with Cahoot for approximately 6,000 at a fixed rate with affordable payments. Would this be best being transferred to a credit card to pay off at cheaper interest rate or left alone as it is??
I will be debt free
I will be debt free
£2 savings coin club £14
from little acorns big oaks grow
I will be debt free
£2 savings coin club £14
from little acorns big oaks grow
0
Comments
-
Never compare debts by monthly payments! Compare real cost of debts that depends mainly on APRs. And nobody can give you an advice based on information you provided because it is not clear whether Cahoot will charge you for early settlement and how much. See Martin's article: Cut the cost of existing loans?
Switching your debt to some low Life Of Balance rate credit card with 4.95%-6.9% APR (although this is not very simple to do) can result in higher initial monthly payments (2%-3%) but the total cost could be much lower.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.9K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.5K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards