Credit card debts of about £9,000...

Deals_2

we are looking at getting a new mortgage but as this rate could be up to 6.4% approximately i think borrowing money for this coudl be a bit high. we are looking at selling our house and buying another one so i thought with some fo the equity from the house we are selling i would pay off the cards. Until then i thought it may be best to put on another 0% or another card. my 0% credit card have been over for the past 2 months now so am on a high interest and need to sort this out. any tips appreciated. thanks again. really appreciate any help.

CLAPTON

your situation is not very clear

when you re mortgage will you have a lower mortgage or a higher mortgage?

if a higher mortgage then you are not paying off the CC with equity but with debt; in fact moving unsecured debt to secured debt.
whether this makes sense depends upon
a. whether you can get 0% deals (obviously 0% is better than mortgage interest rate), b. how long it will take to pay off the 9k cc (i.e. what happens when the 0% run out)
c. if you do transfer the debts to the mortgage, will you then run up more CC debt or will you stop using the CC (or at least pay them off in full each month).. sadly many people simply run up new CC debts and find themselves in the same CC position a few years later but with a higher mortgage to boot.

Deals_2

it sounds like for the moment i need to find a 0% credit card. what are the best deals and options around? thanks a lot.

CLAPTON wrote: »

your situation is not very clear

when you re mortgage will you have a lower mortgage or a higher mortgage?

if a higher mortgage then you are not paying off the CC with equity but with debt; in fact moving unsecured debt to secured debt.
whether this makes sense depends upon
a. whether you can get 0% deals (obviously 0% is better than mortgage interest rate), b. how long it will take to pay off the 9k cc (i.e. what happens when the 0% run out)
c. if you do transfer the debts to the mortgage, will you then run up more CC debt or will you stop using the CC (or at least pay them off in full each month).. sadly many people simply run up new CC debts and find themselves in the same CC position a few years later but with a higher mortgage to boot.