Dark Sunday's 6 Year Plan

Dark_Sunday

Good to get paid end of Jan. Seemed a very long time since last pay cheque.

Got another 2 balance transfer offers from existing CCs.

Offer 1: 4.9% p.a. (0.4034% p.m.) until Feb. 2022. No transfer fee. Then standard rate (currently 24.9% p.a.).

Offer 2: 0% p.a. until June 2018. 3.5% transfer fee. Then standard rate (currently 29.9% APR).

Defo gonna do offer 1. Cheap money for 5 years far too good an opportunity to miss.

Offer 2 is also tempting, but the 29.9% p.a. from mid 2018 is a concern. Need to get the calculator out & give this offer serious consideration before diving in.

ani*fan

Take offer 2 then transfer again mid 2018. It's 0% and better than offer 1.

Though both look ok, still keep trying to get it all on 0%.

You're doing great, well done.

Dark_Sunday

ani*fan wrote: »

Take offer 2 then transfer again mid 2018. It's 0% and better than offer 1.

Though both look ok, still keep trying to get it all on 0%.

You're doing great, well done.

But the dilemma is I transfer CCs with circa 10% APR to the 0% card & at mid 2018 don't have any 0% offers. The card currently offering 0% til mid 2018 has a standard APR of 29.9%.

ani*fan

Could you pay it all off before then? What's the limit on the card?

Dark_Sunday

£10k limit on card, current balance £0, so I'll probably transfer £1,300 from high % APR CC. Would save approx. £270 in total during the period including the 3.5% bal transfer fee, but I would then need to ensure I've got the funds to clear approx. £1,000 mid 2018 or ideally find another 0% bal transfer.

Dark_Sunday

Just done the end of month numbers & debt down another wee bit.

Got 0% balance transfer offers on 3 existing CCs, but don't think I'll bother as they're all for very short periods then revert to 20%+ APRs.

SkintTeacher

Well done! Bit by bit!

Dark_Sunday

Haven't posted for a wee while due to being very busy with life :(

Credit score has improved a fair bit due to reducing CC debt :T

Just noticed on a CC I cleared few months ago there's an offer of 4.9% for 5 years with no transfer fee. This is very interesting indeed. Need to decide later this week what to do as a couple of other 0% offers with existing CCs are for 12 or 18 months plus I don't really want to start applying for even more new CCs with longer 0% offers.

Dark_Sunday

Haven't posted for several months, but the long war of attrition continues to try to reduce the debt.

All CCs are now either: 0% APR for shortish periods; 4.9% til mid 2022; 6.5% for life & 6.9% for life.

Attacking the 6.9% card now.

Dark_Sunday

Got offer from existing Halifax CC 4.9% for 3 years with no fee. Tempted to shift some of the 6.9% CC....every little helps I guess