Borrowing wizards.. help!

notsogeordie

Im so confused I thought I could use your help.. its a bit complicated, but here goes..

I have a loan, at 9.9% over 5 years ( 4 years 6 months left) for 7750 pounds.

I have a credit card with 0 pounds balance, who are now offering me a 0% balance transfer to my current account for 1 yesr. I can use this card up to 6,000 pounds..

I need 6,000 pounds urgently.. what is my best option:

1. borrow more from my original lender at 9.9% and stretch the loan period?
2. transfer the money from the credit card to me account , and see if I can pay it off over a year, or re transfer it to a new card.. with 0%?

3. just try and get a loan with a lower interest rate to cover the 6,000 pounds and the original loan...

4. any other suggestions?

PS, I have an excellent credit profile so far, I think!

Xbigman

If you can balance transfer 6k from a credit card into your own account at 0% then that is cheap borrowing. But be warned that if you don't pay it off in a year you will find yourself on a much higher APR until its cleared. And it will be harder to get a cheap loan with a credit card debt looming.

You should also realise that you borrowed 7750 only 6 months ago and now you 'need' 6k more. Without more details I must say that alarm bells are ringing for your future finances.
Regards


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