Balance transfer question

Lydia42

Hi
I'm new on here, so apologies if this has already been posted or if there is a thread somewhere already.

We have a large amount of debt (26k) - mostly on credit cards and a little on overdraft. We have been moving it about to differing 0% cards. We have 2 barclaycards which we are able to get 6.9% for life of balance and could get the whole debt onto them both. So my question is do we continue moving the debt about and paying transfer fees every 6 months (have been turned down for new cards, so 6 months at 0% seems to be all we can get with existing cards at the moment), or do we move everything to Barclaycard and pay the transfer fee and leave it there once and for all at 6.9%? To be honest it's a bit of a monster debt to keep track of and juggle so i'm inclined to go for the 6.9%......what do you guys think?

Thanks for listening.....:o

Tixy

I'd be inclined to go with the 6.9% deals as well, especially if you are already finding it hard to get 0% deals, I'd hazard that it will probably continue to get harder.

How long will it take you to repay the debt if you put it all on those LOB deals?

Lydia42

Not sure, in the middle of doing a proper budget and giving ourselves a kick up the back side to finally stop messing and start dealing with the debt seriously. Hope to use the calculator to see how scary it is once we have a monthly figure to put towards the cards......
Wish us luck!!!!

bigadaj

As tixy says the whole of life is favourite but that is still a chunk which would be over £150 per month in interest alone. So if you can double that payment monthly it is still well over ten years to pay back the full amount.