Should I take advantage of 9.9% for life?

gingernut1

Hi - I am beginning to get a handle on my cc debts and have been swapping to take advantage of 0% deals where I can. But, with the bt fees, I feel like I am moving too much and not actually getting anywhere. I have been offered 9.9% with no fee from Nat West and if they approve a slightly higher limit, I could move my current £8000 (Virgin 0% until April) to Nat West. I could then settle down and pay about £200-£300 per month which will see it cleared in 2-4 years. Should I wait? I already have £8000 on RBS 9.9% for life which I am paying off £200 per month and about 3000 on HSBC, half 0% till March and half on their normal rate which I am paying off first. I worry that in April I won't be able to find a good rate to transfer to and will be stuck paying Virgin's massive APR (been stung before!!). Any advice very welcome please!!!

Debt_Free_Dreamer

half 0% till March and half on their normal rate which I am paying off first.

Are you sure you are paying the normal rate first. Normally credit card companies pay off the lowest apr rate first?

gingernut1

Sorry - should have been clearer, I have two HSBC cards - one of mine and one of my husbands, but I do all the bills!! His is £1500 at 17.9% which I am paying everything I can into and mine is £1900 at 0% which I am just paying the minimum on.

KonkyWonky

Surely if you can get a 0% card for 15 months then thats the better option. Fair enough you get charged a 3% handling fee but that fee is bound to be less than the interest accrued on a 9.9% card?

It depends how fast you think you can pay the balance off I suppose.....