Debt Consolidation Advice?

redpete

I wouldn't pay off the mortgage with the money in case the flow of 0% CC deals dries up. Put the money somewhere that it earns interest (or continue with matched betting) - if this earns less than the balance transfer fees then pay off each CC when the 0% comes to an end.

Not sure of the relevance of consolidation in your options but it is rarely a good thing.

Gareth83

Sorry, I didn't mean a debt consolidation plan more how to pool everything together.

I'll keep it as it is then and keep the money in my matched betting fund, certainly earning more than the fees incurred each year

enthusiasticsaver

If you have 0% deals and do not have to pay balance transfer fees you may as well keep the cash in your bank account (hopefully earning more than 2.09% in interest). Which bank account do you have?


As others have said this not really debt if you have savings to cover it but stoozing which many others do. I personally don't bother about it as I pay credit cards off each month but I can see why you would do it. So long as you always have a 0% deal to go to when the previous one expires you may as well earn the interest in your bank account and just pay off the minimum payments each month.

DoctorLove

Hi,

I think you're on the wrong forum possibly... This is Debt Free Wanabee so if you post here you get advice on how to become debt free (as per Sourcrates posts) you need to go look at Stoozing.

As for my opinion(s)?

DFW - If you have the money to pay the balance off your cards then do it.

Stoozing - Know your dates and ensure that you don't get caught out with interest (so do whatever you're going to do a month before you think you need to) and then pay them off.

I'd not worry about your mortgage unless you have anything left that you can pay as a decent lump sum.