Should i balance transfer

1stsheriffofkent

Hi All,

I've got about £1,060.00 on my Natwest Credit card and the interest free period is up in Sept. I'm fed up with being in debt and just want to clear it but i can only afford to pay the minimum payment or just over sometimes. Would i be best to transfer it to another 0% card and accept the 2 or 3% fee or keep it where it is. My interest rate is 16.9%. I think i'll be best of changing it but i thought i'd ask you guys first as you all seen to know about this kind of thing

Cheers

Annie_Fanny

What does the maths say?

wannabedebtfree_2

You should always tart your cards!!!

Go for the 0% balance transfer, and not all of them charge a fee, so have a good look around for the best deal!!

dave318

Exactly, not all have a fee to transfer, although there seem to be less and less of them.
If not, a 2% fee on £1060 would be just £21.20. But interest at 16.9% would be almost £15 per month, (reducing as you go). But I'd check out fees free first.

Go to this link http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1122985312,39518, for a list of fees free 0% balances

wanna-be-mortgage-free_2

Do transfer. I tarted mine a few days ago with the Post Office through Quidco and made £15 in the process :money:

all_hours

According to the snowball calculator if you leave it on 16.9% if you make monthly repayments of £25 you'll pay a total of £526.00 in interest. It will take 64 months to pay off.

http://www.whatsthecost.com/snowball.aspx

If you put it on a 0% card it will take 43 months to pay off. You'll pay £20-30 fee for the first transfer, 9 months later £17-25 fee, 9 months later £12-18 fee, 9 months later £8-12. About £90 in transfer fees in total - less if it's 2% fees.

If you're fed up of switching you could try for a low life of balance. I think lloyds has one with 4.9% apr. With this you'd pay £100 in interest and it will take 47 months with a £25 repayment. I don't know if there's a transfer fee with this.

1stsheriffofkent

cheers for the advise