Balance Transfer

ladyweston1981

Hello, I'm totally new to this, but I am hoping for some advice please. My husband has a credit card which he has maxed out to £4,600. He pays £65 per month interest, and so we are not chipping away at the actual debt. Would a balance transfer help us? I've heard there are ones that offer 0% for 2 years etc.
Thank you for any help x:(

thenudeone

errr. Yes. But they are usually reserved for those with a secure income and excellent credit history.

ladyweston1981

yes, we are in receipt of a £25,000 annual income, and my husband has excellent credit scores, so do you have any more information that may help me to understand what balance transferring is?

chanz4

£25k anual income isnt that much, are you paying just the min?

jo-bo

Balance transferring is when you shift the balance from one card to another. Your way of going about this is to research the best balance transfer offers, check the qualifying criteria from each provider ie income, age etc and then complete an application. Nearly all lenders will ask during the application whether or not you wish to do a transfer and there is usually a fee( around 3% of the amount transferred). You must get the new lender to perform the transfer, you can't try to pay one with the other and If you don't get to transfer the full amount you owe, don't worry. Transfer as much as you can, then pay off the minimum on the new amount and throw as much as you can at what's left at the higher rate

thenudeone

Have a look here
http://www.moneysavingexpert.com/cards/balance-transfer-credit-cards