Credit cards or Loan?

bertiebile007

I have about 5 different credit cards managing my debt of appr £15000. they are all life of balance deals, averaging 4-5.9% APR. I estimate that it would take about 5 years to clear this lot. Would it be more beneficial if I were to put the whole lot on a loan for simplicity, I see that the best rates just now are around 6%, and would value the opinion of other members.
Thanks.

chunky79

The percentage on your cards is lower than a loan so personally i would keep the cards and just set up a direct debit for alln that way no hassle. Overpay when you can to get them down quicker start by overpaying the one with the highest interest.

Burlesque_Babe

How about seeing if you can transfer to a 0% card?

CLAPTON

keep things as they are , you are unlikely to get better rates than you have already, just concentrate on paying as much as you can. (and put any extra money into the card with the highest APR even they are all good rates)

brainfreeze

I would definitely keep things as they are at the moment. The life of balance rates are lower than any loan rate you would get (especially with interest rates rising at the moment).

I wouldn't look for a 0% balance transfer as that is likely to be 9 to 12 months at the most. You could consider going for 0% balance transfer and then tarting it at the end of the 0% period, but you risk not getting a balance transfer amount sufficient to take on the amount you have on the card and hence may end up with some of your debt at higher interest rates.