Loan or Credit Card

informationplease

Hi


I have 3 credit cards with debt remaining on them. Of the 3 only 1 is charging a small amount of interest.


My question is am I better placed to continue with paying off the credit cards monthly or getting a loan to consolidate them.


I'm aware that if I get a loan I will of course be paying interest as a guarantee although I'll also be guaranteed to pay it off (generally speaking).


So perhaps is the best option to continue with 0% credit cards?


Thanks

Foxy-Stoat_3

Yes, continue with your zero % interest rather than paying for interest.

You should reduce the balances every few months so you dont spend on them after you clear chunks of debt off.

SuperSaver123

You need to have a lot of self discipline but stick to 0% credit cards.

Spend some time to do a schedule, imagine this is your loan and the time to prepare the schedule is to complete an application. Fix an amount that you would pay monthly if this was your loan, pay off the card that charges interest first, making sure you make minimum payments to the remaining ones and then move on to the one that is running out of 0% soonest.

Stick to your schedule no matter what as if that was your loan repayments and you will repay your credit cards sooner and cheaper than if you took out a loan.

informationplease

Thank you, I think that is a good idea and I will work to pay off the % one first.