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Turning debt into positive. Advice
cfc0886
Posts: 3 Newbie
in Credit cards
Hey folks!
So I've been looking at CC deals and thinking I could perhaps change my current debt into some kind of money making tool (albeit small)
There are some nice 0% for 24 months etc and some free money (~£120). Which got me thinking could I "Purchase" my car finance, get the free money and pay off on the 0% card?
If I did that I would knock something like 4 months off the repayments and save on the interest on the car finance.
It seems to me like a good idea, but I'm not sure if settling the car finance counts as a "New purchase" on these cards?
It feels worthwhile doing it, but I wanted to make sure that I wouldn't get tripped up in any CC legalise that would make the whole thing invalid.
Any advice, or other avenues I might be able to explore?
So I've been looking at CC deals and thinking I could perhaps change my current debt into some kind of money making tool (albeit small)
There are some nice 0% for 24 months etc and some free money (~£120). Which got me thinking could I "Purchase" my car finance, get the free money and pay off on the 0% card?
If I did that I would knock something like 4 months off the repayments and save on the interest on the car finance.
It seems to me like a good idea, but I'm not sure if settling the car finance counts as a "New purchase" on these cards?
It feels worthwhile doing it, but I wanted to make sure that I wouldn't get tripped up in any CC legalise that would make the whole thing invalid.
Any advice, or other avenues I might be able to explore?
0
Comments
-
What's "free money (~£120)"?
Does your finance company accept CC payments?
You can save some money on the interest you pay, not 'make money'.
Is the interest you pay that high that you can save "4 months off the repayments"?0
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