Best way to pay off debt? New card and balance transfer or Loan?

senorcalvo

Hi, i am looking for some financial advice.

Over the last 6-8 years i have managed to rack up £25,000 worth of credit card debt (stupid i know) and it's now got to that point where i am struggling to pay it off each month especially with the interest. I have made quite a few lifestyle changes in terms of my spending but am being crippled with the interest on this.

What i would like to know is this: Should i try and get another credit card (barclaycard platinum) that offers 20 months interest free and move some of the debit onto this and then onto the other cards? Would i be eligible for this as i already have a standard Braclaycard? Should i take out a loan for the amount, seen one at 8.8%. Or try and get remortgage to pay the debt off?

All help greatly appreciated.
Regards

Tixy

If you already have a barclaycard you are not eligible for a new barclaycard 0% deal.

Does your existing barclaycard have debt on it or is it empty?

Is your £25k spread across more than 1 card? what are the cards, balances, limits and APRs?

yorkshire-lad

Do you have anything you can sell to try and bring the balances down?
Any large expensive items that were bought on the cc's?

You would probably need a very large annual income to be considered for a 25k loan.
As for remortgaging, you will probably be strongly advised to avoid this. Turning unsecured debt into secured debt is usually not a good idea.

RAS

Hi

You need to do a full SOA and let's see what can be done to reduce the cost of your debt.

DO not consolidate or secured the debt on your house. This does not pay off your debt, it just transfers it to a more costly and risky form.

Dealing with it means working out how to pay it effectively.