Paying off a credit card in full

Steve1960_2

I'm wanting to get some advice on the best way to go about paying off the balance on my credit card in one go. I haven't personally got the money myself to just go ahead and pay it all off in one go however I was wondering what's the best options in the form of a loan? What would be the best way for me to go about paying it off?

grumbler

I don't understand the question.
As soon as you get the loan money in your current account you can pay the card off by any method they offer on the bill: bank transfer, debit card, direct debit, post office, telephone etc.

If you can a get a new card that offers 0% on balance transfers this can be much cheaper than a loan:

• Balance Transfer Credit Cards
• Cheap Loans

That said, any loan doesn't solve the underlying problem, just gives you some extra time to deal with it.

Steve1960_2

Apologies for the gobbledygook, looking back on it I know it doesn't make much sense. What I should of said was 'what's the best thing to do when wanting to pay off the full balance of a credit card?' Like explained above I don't personally have the money myself so need advice on the best path to take.

ricky_v

As grumbler said transfer the debt onto a 0% credit card via balance transfer.

However getting a 0% BT credit card which matches the outstanding debt really does depend on the amount of debt in relation to your income and the state of your credit file.

Failing that if there's upteen thousands still outstanding then a loan may be cheaper if you're not stupid enough to blow the money from the loan on crap and still have the credit card debt plus the loan debt. Again it depends on your circumstances.

Failing the above then I'm afraid it's a simple case of just paying off as much as possible as quickly as possible. On credit cards the interest is calculated on the debt on a daily basis so the sooner you pay it, even if it's just a couple of quid, the better it will eventually get