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balance transfer or loans
bunos
Posts: 2 Newbie
i have £13000 worth of debt on 3 credit card all about 4, 4.5 & 4.6k.
At the moment total min payments are £280 and interest is around £200.
I have basically only just faced up to this and need to pay it off and will not be using any of the cards or other cards again.
On the virgin card min payment is £69 and interest £64. the egg one i pay £108 min and pay 70 in interest.
I am completley confused as to how best to pay this off though.
How long can you realistically do 0%balance transfers for. surely I wouldnt be able to get more than one card about £5k balance transfer in one go.
or should i just get big loan and pay off over 5 years and never used the things again.
At the moment total min payments are £280 and interest is around £200.
I have basically only just faced up to this and need to pay it off and will not be using any of the cards or other cards again.
On the virgin card min payment is £69 and interest £64. the egg one i pay £108 min and pay 70 in interest.
I am completley confused as to how best to pay this off though.
How long can you realistically do 0%balance transfers for. surely I wouldnt be able to get more than one card about £5k balance transfer in one go.
or should i just get big loan and pay off over 5 years and never used the things again.
0
Comments
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You can (if your credit rating allows) get 0% for 16 months.
All irrelevant unless you work out how much you can afford, and how much you are willing to sacrifice to service and finally get rid of your debt.
Do a full SOA, and then you might see that there's plenty of areas you could, if you were willing, make further savings to throw at the debt situation.Like all revolutions, guerrilla goodness begins slowly, with a single act. Let it be yours.
Practice random acts of kindness and senseless acts of beauty.0
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