Loan or Credit Card

Lockets

Hi,
Just some advice please Me and my fiance currently both have different credit cards (Bank of scotland + Sainsbury) both on 0% interest for about another month.We owe £1700 on one and £1000 on the other and only pay off the minimum each month (which i know is not good as Martin would say cause it would take years to pay off!) But it is basically what we can afford to pay each month.Anyway what i was going to do was balance transfer both cards to HSBC ( 0% on balance transfers for over 12 mths),I would then have to pay 2% transfer fee on both cards meaning (maths not brill) over £75 to transfer them both and then i think we will still be paying around the same min repayments every month (approx £59).Anyway i then looked at a £3000 loan with Northern Rock which will be £39.07 a month but over 10 years.I would then pay off the 2 credit cards with the loan (with some spare money over).So am i missin anything in my thinking as i'm only paying off min on credit cards i might as well get a loan to pay them off cause the repayments are lower.Any advice?

Moonbeam

Have you considered a life of balance credit card instead - I know Halifax and Marks & Spencer do them - and there will be a lot more....should be a lower APR than the loan enabling you to make payments more flexibly - chances are in 10 years you will have managed to increase your monthly payments and get rid of the balance quicker. NB: can't do BT from Bank of Scotland card to Halifax as part of the same group....