Is a loan the best way to do this?

redpete

CLAPTON wrote: »

you are paying about £60 per month in interest

certainly worth reducing but I doubt it's killing you

Quite - if you are paying £250 a month then you will be free of debt within 18 month and will have paid maybe £650 in interest over that period.

A loan at a lower rate will help, but the lowest rates are for higher amounts (typically £7500), also don't take it for more than the period you need or ensure that you can pay it off early.

0% cards are a good idea and will also help if you qualify for one.

mick

I have a 2nd question for this thread, we are in a similar situation and we are paying off our debts reasonably quickly but i feel the same. We are paying off our CC's and have an agreed overdraft of £2750 which costs us about £35/month.
Can you transfer an overdraft onto an 0% balance transfer card?. I can see that you can do it with the CC balances about £2500 between them.

Tixy

mick wrote: »

I have a 2nd question for this thread, we are in a similar situation and we are paying off our debts reasonably quickly but i feel the same. We are paying off our CC's and have an agreed overdraft of £2750 which costs us about £35/month.
Can you transfer an overdraft onto an 0% balance transfer card?. I can see that you can do it with the CC balances about £2500 between them.

Only with a small number of credit cards that offer money transfers (aka super balance transfers). MBNA backed cards are one place that offer these cards. Money transfers typically have a slightly higher transfer fee than normal balance transfers.