Advice regarding Credit Cards

MKP2719

I'm enquiring on behalf of my father and I am also apologising in advance if what I write doesn't come across in the right way or make sense.

My Dad has 2 credit cards, 1 Halifax and 1 Santander Balance transfer card. He has asked me to enquire as to whether there's an option out there for him to take a loan out to pay the two of them off and just have a loan payment going out every month?

I'm not 100% sure if I have explained it enough so will do my best to elaborate more if that is needed.

Thanks in advance.

brightonman123

a fixed term loan would most probably be lower interest, than borrowing on credit cards.. best to shop around, or look at transferring to another 0% card?

CLAPTON

MKP2719 wrote: »

I'm enquiring on behalf of my father and I am also apologising in advance if what I write doesn't come across in the right way or make sense.

My Dad has 2 credit cards, 1 Halifax and 1 Santander Balance transfer card. He has asked me to enquire as to whether there's an option out there for him to take a loan out to pay the two of them off and just have a loan payment going out every month?

I'm not 100% sure if I have explained it enough so will do my best to elaborate more if that is needed.

Thanks in advance.

a loan might have lower interest rate but that would depend upon what his credit files say
and what his income is
and how much be owes on the CC

MKP2719

Thank you for your advice. He has a Credit Score that on the edge of good and excellent. Think theres £9000 on the credit card. Is there any specific loans that could be recommended?

Thanks

enthusiasticsaver

Consolidation is not always a good option as the temptation then once the debt is on a loan is to carry on spending on a credit card and before you know it you have a large loan and a credit card. What was the credit card debt spent on initially?


There is a new 3 year 0% credit card out with Barclaycard so he could consider transferring to that one from the highest card as that is probably the longest 0% deal you will get so I would consider that although the balance transfer fee is just under 3% but that would easily be recouped on £9k over 3 years if he was able to get that high a limit. How old is he and what income is he on?