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Advice re Loan vs Credit Card
tryingtocutback
Posts: 508 Forumite
in Loans
I have a £5000 debt on a credit card (NOT 0%).
I am currently unemployed but trying to plan ahead for when I get a job (hopefully soon).
What I wanted to ask was whether I would be better off to get a loan to pay off this card or whether I should apply for a 0% card and transfer the debt to that.
I understand that I would need to be working for 3 months before applying for anything but just want to make a plan!
I am not a home owner.
Thanks in advance for your help.
I am currently unemployed but trying to plan ahead for when I get a job (hopefully soon).
What I wanted to ask was whether I would be better off to get a loan to pay off this card or whether I should apply for a 0% card and transfer the debt to that.
I understand that I would need to be working for 3 months before applying for anything but just want to make a plan!
I am not a home owner.
Thanks in advance for your help.
0
Comments
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This all depends on your credit score really.
I would apply for the longest 0% deal or a very low life of the balance card.
If you got one for 12 months that would give you a bit extra time. if no more cards would accept you for 0% i would go for a loan, this is only posible in employment though0 -
I agree. The 0% CC option would be best in the short term. Good luck with your job hunt.Got Halifax Classic to reduce my interest rate by 5% woohoo - 10/06/08 Thanks MSE!
Another 3% shaved off 10/12/08
ANOTHER 4 % June 09:beer:0
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