We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Loan for Credit Card
RUNT_2
Posts: 1 Newbie
Hey all,
I currently have £6500 on a Virgin Credit Card, I pay roughly £300-400 on it each month and about £100 each months is interest.
I recently tried to move the debt to a Barclay Card with a 0% deal for 27 months but got turned down. They couldn't tell me why other than we didn't meet their criteria.
Sooooo, I tried MBNA and got turned down again.
What should I do, should I try to get a personal loan? There are loans that will cost me £280 over 23-24 months and the total interest is only £300 - 3 months at my Virgin Card rate.
What should I do? I'm never going to pay the card off at this rate
I currently have £6500 on a Virgin Credit Card, I pay roughly £300-400 on it each month and about £100 each months is interest.
I recently tried to move the debt to a Barclay Card with a 0% deal for 27 months but got turned down. They couldn't tell me why other than we didn't meet their criteria.
Sooooo, I tried MBNA and got turned down again.
What should I do, should I try to get a personal loan? There are loans that will cost me £280 over 23-24 months and the total interest is only £300 - 3 months at my Virgin Card rate.
What should I do? I'm never going to pay the card off at this rate
0
Comments
-
Most people on here would advise against borrowing more money to settle a debt (consolidating), as the tendency is just to pay off the debt and then spend on the card again, so building more debt.
Why not post up a SOA and see whether people can help you cut your outgoings, so allowing more money to pay down existing debt quicker.0 -
Only go down the route of a loan if you are absolutly sure you won't then spend on the card again and that you are living within your means. And don't get a loan for more than you owe.ISA £1675
MiniMoohound savings £3685.86 :T Plus £3800 CTF 
'MrMoneyMuststache' my new hero, Martin Lewis my long time hero
Poacher turned Gamekeeper
Roadkill rebel No 52 Aug £1.34p Sept 24p Oct 5p Nov 5p Sealed pot Challenge No 403 £176.66(2014) :staradmin NOV NST No 200
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.8K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.4K Mortgages, Homes & Bills
- 178.2K Life & Family
- 260.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards