Debt Advice

MonkeyBusiness_3

Hi,

I have 9.5K I need to shift from MBNA to somewhere else otherwise they will charge me interest moving forward.

My other owned CC options are Barclaycard at 6.9% for life.

Is this a good option? Am I better off with a new 0% deal over the barclaycard offer?

Can you advise of the best place to move this money to to help pay it off the cheapest/quickest?

Thanks
Gavin

[Deleted User]

9.5k is a big chunk of debt, depending on your income. I'd suspect the LOB deal is your best option, unless you're earning something north of 35k.

Your options really depend on your income and credit rating.

MonkeyBusiness_3

My credit rating is good and I earn't over 35K last year.

Will 6.9% for LOB work out cheaper than switching every 12 months?
Based on repayment of £200-250. each month btw.

grumbler

MonkeyBusiness wrote: »

My credit rating is good and I earn't over 35K last year.

Will 6.9% for LOB work out cheaper than switching every 12 months?
Based on repayment of £200-250. each month btw.

As a BT normally costs 3-4% or less, 6.9% can be better only if it takes you much less than a year to clear the debt.

I think I deserved the right to say that it's "earned", not "earn't". Sorry, can't help it.

MonkeyBusiness_3

Ok, I wont be clearing it in less than a year more like 3-4 years.

Well done on the spelling correction btw.

Tixy

Given that repayment timescale then keeping switching to new 0% deals will be cheaper than the life of balance deal, providing you are able to keep getting such deals for the next few years, and assuming that the types of 0% transfer deals that are around at the moment continue to be so.

A list of the best current 0% deals is on the main MSE site. If you are currently only paying minimum payments then check you can afford the new minimum payment on any new card you apply for (MBNA cards have lower minimums than most other cards).