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MBNA Card?
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DadTryingToSave
Posts: 2 Newbie
Hello all I am just after a bit of advice please.
My current debt is as follow....
Credit Card 1 = £2122.65 (18.9%) - I pay min £50 a month
Credit Card 2 = £6775.72 (0%) for 28 months - I pay min £146 a month
Loan = £5326.38 (9.4%) 29 payments left !!! - £181
I would like to get my monthly payments lower and STOP paying interest:mad:. I won't mind getting rid of the loan and credit card 1 by using a balance transfer on a 0% credit card. Is that a good idea? All advise and help would be gratefully received.
Can use a MBNA Card to get rid of the loan and Credit Card 1?
Regards
Dad Trying To Save
My current debt is as follow....
Credit Card 1 = £2122.65 (18.9%) - I pay min £50 a month
Credit Card 2 = £6775.72 (0%) for 28 months - I pay min £146 a month
Loan = £5326.38 (9.4%) 29 payments left !!! - £181
I would like to get my monthly payments lower and STOP paying interest:mad:. I won't mind getting rid of the loan and credit card 1 by using a balance transfer on a 0% credit card. Is that a good idea? All advise and help would be gratefully received.
Can use a MBNA Card to get rid of the loan and Credit Card 1?
Regards
Dad Trying To Save
0
Comments
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Sure you can, so long as you get accepted with a high enough credit limit. If you don't get a high enough credit limit, I'd accept the account and also open a normal balance transfer card elsewhere. Hopefully you can then move the CC debt onto the normal BT, and use a money transfer to pay off the loan.Credit 'Score' - Don't buy the credit 'score' that Experian, Equifax and Noddle want to sell you. It's an arbitrary number that means nothing when it comes to applying for credit.
ALWAYS HAVE A DIRECT DEBIT SET UP FOR THE MINIMUM PAYMENT ON YOUR CREDIT CARDS, REGARDLESS OF WHETHER YOU PLAN TO LOGIN AND PAY EACH MONTH.0
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