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Credit card debt - transfer to 0% CC or pay off with loan?
badmoon
Posts: 86 Forumite
Hi there,
Hope you can help. I've got a capital one card, had it for the last 2 and a half years. Always make the minimum payments plus usually an extra few quid more.
I've just bought a new home and conscious of having the debt though I comfortably pay for everything and barely use the card at all now.. I would still like a credit card for emergencies only but the minimum payment is £150 (£3k on it) and just concerned that in the future there's a danger that it could start creeping up and up.
I'm torn between trying a balance transfer and trying to pay as much off as I can before any interest free period runs out (need to ensure I didn't then incur further debts on the new card) or getting a consolidation loan, paying off the card, cancelling with capital one and then perhaps elsewhere in a year or so with a better more competitive card and one with a much lower limit. I can do this with barclays at a competitive rate.
The other thing in the back of my mind is that my fixed rate mortgage expires next year at some point (think it's November) and so I'm not sure what to do for the best there.
Happy to go into any more detail needed. If anyone's got advice on the best way to manage this, would be much appreciated.
Ta.
Hope you can help. I've got a capital one card, had it for the last 2 and a half years. Always make the minimum payments plus usually an extra few quid more.
I've just bought a new home and conscious of having the debt though I comfortably pay for everything and barely use the card at all now.. I would still like a credit card for emergencies only but the minimum payment is £150 (£3k on it) and just concerned that in the future there's a danger that it could start creeping up and up.
I'm torn between trying a balance transfer and trying to pay as much off as I can before any interest free period runs out (need to ensure I didn't then incur further debts on the new card) or getting a consolidation loan, paying off the card, cancelling with capital one and then perhaps elsewhere in a year or so with a better more competitive card and one with a much lower limit. I can do this with barclays at a competitive rate.
The other thing in the back of my mind is that my fixed rate mortgage expires next year at some point (think it's November) and so I'm not sure what to do for the best there.
Happy to go into any more detail needed. If anyone's got advice on the best way to manage this, would be much appreciated.
Ta.
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