Best Options for me??

wotnoshoeseh

Hi all,
Originally posted this on the credit card thread but got no feedback so hoping somebody on this board can help out!
Just wondering what the best option is with the following:-
Currently have approx. £4300 on an interest free credit card with the interest free period about to end in a couple of months time. I also have about £2600 in a Mini Cash ISA.
As I see it I have a few options open to me:-

I simply move this onto another interest free credit card, and, if so, can you advise on one that doesn't have a balance transfer fee attached to it?

I pay off all the cash in my ISA off the balance of the credit card and move it to a low interest life of balance card.

I move the entire balance across to a low interest life of balance card, and keep my Mini Cash ISA money safely invested.

What do you think? I can afford monthly payments of £150, occasionally rising to £200. I would really like to get this cleared off a.s.a.p., but realistically it looks as if I may have to wait until my annual bonus comes in at the start of March 07.

nrsql

I would go for the transfer to another 0% card if you can get one (why not take the money).

If not then pay the balance from the ISA, transfer what's left to the cheapest rate you can find (not necessarily life of balance) and clear what's left as quickly as possible.

But that's just my opinion - it's your decision.

LookingAhead

If it was me, I think I would transfer to a 0% for as long as possible, to get some interest paid to me. That would give me a chance to get the balance down too.

But as nrsql says, it is your decision.

Out of interest...is the card destroyed to stop you spending more?

llh189

I would also BT to another 0% card, I know this goes against the grain of being debt free, but I always feel better knowing that I have some cash that I can get my hands on if I needed to. Not everything in life can be paid for with a credit card.

What card have you currently got?

Not that many cards are doing long 0% deals and no BT fees.

I have just moved all my cc debt to Capital One interest free until July 07, with a fee but can't remember how much!

HTH

L x

nearlyrich

Sorry you didn't get a response on the CC board, I am just back from a business trip so I haven't been online for a couple of days and I didn't see your post.

It's pointless having money earning a small amount of interest (4% ish) whilst your credit card debt racks up a higher interest rate, stoozing only works if you put the money away in a savings account ready to pay off at the end of the 0% period;) and it's also getting harder to find BT deals with no fee.

Have you seen the links to the articles regarding BT's on the CC board? also there is a snowball calculator on the what's the cost website link here for you.This will show you the effect of your payments and when it will be paid off.

wotnoshoeseh

Guys,
Thanks very much for all your input. I think that if I can simply get another 0% interest BT card, then that's exactly what I'll do. It will at least give me a chance to save a few quid over the next six - eight months while managing to at least make some re-payments on the debt.
Excellent snowballing website by the way. Might as well try to make some money on the interest from the mini cash ISA.