Moving debt to a CC... Now have doubts!

Sharon87

Even if you can't get another deal after this 0% deal it's still a good plan as your interest rate is cheaper than you overdraft and your loan, so you will pay a lot less interest anyway!

redux

I'd say mentally plan for the monthly £125 or £128, then pay the minimum monthly payment on the credit card, and put the rest for the moment in bank accounts that pay 5% interest, TSB and then Nationwide.

MEM62

Your title is incorrect

Using a CC to pay off debts...

This does not pay off your debts, it just moves them. Changing this mindset will give you a better chance of making more prudent financial choices in your future.

clownstyle

MEM62 wrote: »

Your title is incorrect

Using a CC to pay off debts...

This does not pay off your debts, it just moves them. Changing this mindset will give you a better chance of making more prudent financial choices in your future.

I've changed the title seeing as you took time to reply to my thread. Although, paying off the debts is the desired outcome.

Anyway.... I can see where you're coming from.

AntoMac

clownstyle, I like your course of action.

I've done similar as I've run an overdraft for years and I've at long last decided to do something about it.
Got a 4.9pc for life money transfer for MBNA so have used it to clear overdraft. Will also earn a little bit of credit interest now as well as avoiding overdraft interest and a monthly fee.

Made sure I've got a DD set up for the minimum and will make additional payments as often as I can.