Balance Transfer from husband to wife's CC?

Emmala

Hi,


Sorry if this is a really stupid question, but I hope someone will take a minute to answer it for me.....


My husband was made redundant in September. We have some debt on cards, all in his name. One is 0% interest but there are two smaller card debts with high interest.


My question is this.......my bank says I've been pre-approved for a CC with them which has a 26 month 0% interest rate for balance transfers BUT I don't have any other credit cards, DH does, so if I was to apply and be accepted, is it possible to balance transfer from DHs two cards onto one 0% in my name?


Thanks in advance!

Shelldean

Yes, but don't forget the transfer fee, which should be cheaper than a high rate of interest.


BUT the important point to acknowledge, is once the debt is on your card, the debt is YOURS. And while in a happy stable relationship ( I presume you have) but in an unhappy one if the worse happens then the debt will be yours to deal with.


Hopefully the above wont happen, but you do need to be aware of the problem if the relationship fails.


My OH and I often swap debts around in this way.

Shelldean

OH one more thing, the two cards you are transferring between can not be from the same bank.

Emmala

Shelldean wrote: »

Yes, but don't forget the transfer fee, which should be cheaper than a high rate of interest.


BUT the important point to acknowledge, is once the debt is on your card, the debt is YOURS. And while in a happy stable relationship ( I presume you have) but in an unhappy one if the worse happens then the debt will be yours to deal with.


Hopefully the above wont happen, but you do need to be aware of the problem if the relationship fails.


My OH and I often swap debts around in this way.

Thank you so much for that! Yes, one of the things I like to tease him about is that technically 'we' aren't in debt, 'he' is!! But, the change in situation means pulling together, needs must and all that, and obviously we hope that he gets another job soon and we could clear it all asap. In the meantime, even with the fee, a 0% at least helps ease the pressure a little.


Thanks again xxx

Emmala

Shelldean wrote: »

OH one more thing, the two cards you are transferring between can not be from the same bank.

I didn't know that, but they wouldn't be anyway. Thanks ! x