Vanquis Card Vs Lloyds TSB Loan

jackjones01

Hi currently have a vanquis card with a credit limit of £2500.00 and the outstanding balance is £2,126.93.

Im paying the min payment which is about £96.00 a month but £89.00 is being paid in interest foolish I know.

I was considering taking out a loan to pay the balance these are the figures been given would it be worth it?

£3,000.00 21.1% APR 36 payments of £110.48 £3,977.28

£3,000.00 21.9% APR 42 payments of £99.90 £4,195.80

£3,000.00 21.7% APR 48 payments of £91.03 4,369.44

£3,000.00 22.5% APR 54 payments of £85.52 £4,618.08

£3,000.00 22.3% APR 60 payments of £80.05 4,803.00

chanz4

it would be worth it as the apr is a lot less, but what you are doing is increasing your debt.

rartherinv

why borrowing £3,000 when you need £2,000? 2k would make 36 payments of around £60-70, much nicer no?

Although, if you currently have a subprime card at breaking point, will a prime lender really consider giving you that much money on top?