Loan or balance transfer?

INAMESS

Hi just need some quick advice, I've 3k on a credit card and paying very high interest on it so only able to pay the minimum amount. Should I get a loan to pay this debt off or would it be best to transfer the balance to a different card with 0% interest on balance transfers? I do still want a card to use but the interest on my current card is sky high, thanks in advance....

YorkshireBoy

Since there are several BT cards around with 0% fees and 0% interest for x months, your question is really "should I pay interest on a loan (and therefore take longer to repay my debt and pay more for it) or should I avoid paying interest on my debt (so it costs me less and I can clear it sooner)?"

Does that help you reach a decision?

When you say you still need a card, do you need to run up a revolving balance...or will you be settling the old card in full each month once cleared of the original debt? If the former, then you're on a slippery slope. If the latter, then make sure you stay on track!

INAMESS

So I guess BT card is best then lol

CLAPTON

INAMESS wrote: »

So I guess BT card is best then lol

plus of course reducing your spending and trying to earn more so you can reduce your debt to zero and start to save.

INAMESS

Is there a particular BT card that is better than the others and reasonably easy to be accepted for?

DCFC79

INAMESS wrote: »

Is there a particular BT card that is better than the others and reasonably easy to be accepted for?

Might be, M Lewis covered them in his tv show the other week.

INAMESS

Didn't see it

INAMESS

Following on from my previous messages here, I have a Vanquis card which has high interest, I've applied to transfer the balance to a 0% BT card which was accepted but they have only offered me a limit of £1000, my Vanquis card has £2500 on it. Now should I ask my new card if they would review the limit? Or should I apply for another card elsewhere too? Or should I take out a loan? They all seem better than paying Vanquis interest rates but I'm not sure which is best?

CLAPTON

INAMESS wrote: »

Following on from my previous messages here, I have a Vanquis card which has high interest, I've applied to transfer the balance to a 0% BT card which was accepted but they have only offered me a limit of £1000, my Vanquis card has £2500 on it. Now should I ask my new card if they would review the limit? Or should I apply for another card elsewhere too? Or should I take out a loan? They all seem better than paying Vanquis interest rates but I'm not sure which is best?

-take advance of the 1000 as 1000@ 0% is better than at a high rate
-try asking for a higher limit
-if that doesn't work then try another 0% BT card

INAMESS

Ok cheers. If they don't agree to a higher limit and I apply for another 0% card is it going to be harder to get one seeing as I've just got a new card anyway? Or seeing as I was accepted for my new one shouldn't it make any difference if I apply for another?

Marcio45

It should be ok to apply for a second card. Most probably your new credit card (the one with £1000 limit) is not yet reported as a new account on your credit report. What will be there is a credit search, but having a second credit search should not be an issue. If you are refused, stop there and try again in a few months (6 months is best).