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FINANCIAL LAMEN requires advice
lukeduke_2
Posts: 1 Newbie
in Credit cards
Hi there, heres the situation i am looking for advice on. i currently have 2 credit cards, both with 10k owing. I want to pay one off and change the remaining one by being a rate tart. I have two options on paying the first card off. 1 remortgage to rasie the cash .......2 get a personal fixed rate loan to pay it off. my personal preference is a persoanl loan, as i can pay the card off and pay the loan monthly over five years, whereas staying with the card and paying it off that way, most of the payments will be gobbled up in intrest, rather than the actual debt. 
Hope the above makes sense and any advice is much appreciated.........
Hope the above makes sense and any advice is much appreciated.........
0
Comments
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Work out how much interest you would pay on a 5 year loan (+ early settlement charge?) before coming back here.
I think this will answer the question for you.
There are loan calculators for free on Google.0
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