£4000 o/s on Nationwide credit card

padee

I have 4k on my Nationwide credit card. It's my only debt.

I have no savings but would like to get rid of this debt. Mortgage has just reduced by £165 per month, so was going to clear it via this which will take a while.

My latest monthly statement had £10 added for interest.

Would I be better taking a personal loan to clear it?

Mortgage is at £69,500. Value of home is about 80k. All of my accounts are with Nationwide.

Any advice welcome as I'd like to clear in next 12 months.

CLAPTON

are you sure that you are only being charged £10 per month on £4k?
what is the APR?
it sounds a very very good deal - no loan will match that low level of interest
just pay as much as possible off the CC each month

MFWannabe

Hi
First of all you need to find out for definite what the APR is on your current card.
The cheapest option would be to get a new 0% card if you can; especially if you want to get rid of the debt within 12 months. There will be a transfer fee but this will work out lower than a loan.
Check out the thread on here for best transfer cards

CLAPTON

FREEZ wrote: »

Hi
First of all you need to find out for definite what the APR is on your current card.
The cheapest option would be to get a new 0% card if you can; especially if you want to get rid of the debt within 12 months. There will be a transfer fee but this will work out lower than a loan.
Check out the thread on here for best transfer cards

not so if the OP is really paying only 10 per month interest

bengalknights

If the interest is actually £10 a month then keep the card and pay it down every month by the spare money as that is a lower interest rate then pretty much every loan out there and you have the ability to pay it down when you want as opposed to a fixed amount being set.