Loan or long credit card?

La_Luz

Hi, I'm a newbie post!

Am needing some advice from anyone who has had a similar experience to me.
I have 2 credit cards - 1 is a Barclaycard with £8k, i'm paying @18%apr & need to find a way to reduce this. (Initially applied for a 15 month 0% on BT & purchases, didn't realise I was given a 3 month deal instead). The other is with Capital One with £2k. This is on a 0% deal that ends in June.
Yes, this is a classic case of credit card tarting gone wrong!!!

So I'm now left wondering do I apply for another credit card - with a lower long term apr (such as MBNA 6.7% or 5.9%).
Or do I try for a loan with a slightly higher apr rate?

Although I appear to have a good credit rating (yes, I have checked!). I'm wary of applying for something to then be rejected (don't we all), so I need to choose wisely.

Any advice would be greatly appreciated.

Rafter

La Luz,

Your good rating is only going to work in your favour if your total borrowing is not too much compared to your income.

You have £10,000 on credit cards. If you are earning less than £30k I would suggest that getting another card with a big limit is going to be difficult.

You can start to chip away at it though and see whether you can get a lower interest card or credit card. Rather than going for a 0% deal I would suggest a life of balance card as you suggest.

It is really then about getting yourself organised with a budget and starting to pay more than the minimum off each month and avoid paying £1,800 a year in interest alone to your card companies.

The attached link might help you.

Good luck

R.

http://www.makesenseofcards.com/soacalc.html