Credit Card Debt Best Option??

daztrocks

Hi

I have approx. £8500 over two credit cards. I haven't paid them off by the time my initial offers expired, and as such I am not paying £30 interest each month.

I am in a fortunate position where I have no mortgage or other loans but I have switched credit cards 5 or 6 times so not sure how often I can do this.

What is my best option to clear this debt? I have considered a personal loan and also another balance transfer, the only issue with this is the transfer fee is likely to be £200+.

Any advice appreciated!!
:T:money:

enjoyyourshoes

You ought to calculate how much you need to set up per month by DD in order to eliminate debt over the length of the CC deal (0%). Then with judicious budgeting and eliminating waste from your spending, afford this monthly amount?
Getting into savings habit will benefit you enormously. Once there, try a help to buy ISA, great deal !

glentoran99

not sure what you are looking for here, there is no quick fix, you need to pay as much as you can off the cards each month or the debt will go nowhere, a loan will just make you in more trouble

PeacefulWaters

Keep shifting to 0% deals until you finally get declined.

And try to actually get the overall debt down.

andyfromotley

daztrocks wrote: »

Hi



I am in a fortunate position where I have no mortgage or other loans but I have switched credit cards 5 or 6 times so not sure how often I can do this.

What is my best option to clear this debt? I have considered a personal loan and also another balance transfer, the only issue with this is the transfer fee is likely to be £200+.

Any advice appreciated!!
:T:money:

Hi Daz,

ok so whats going on? You admit that you are in a good position but have failed to pay off this debt, and have obviously been carrying this debt for a long time. You might want to head over to the DFW board and find out how to pat this off.

In short your problem isnt your interest rate, (although you should get that as low as possible) your problem is that you are not knuckling down and paying off this debt. Get to it, chop chop!

Oh and DO NOT take out a loan. From what you say i suspect that you will almost certainly rack up your credit cards again and be in twice as bad a position within a couple of years. This is a VERY common mistake,

grumbler

daztrocks wrote: »

I have approx. £8500 over two credit cards. I haven't paid them off by the time my initial offers expired, and as such I am not paying £30 interest each month.

Sure about £30? This is just about 4.5%APR, that is very low for cards with 0% introductory offer.

What is my best option to clear this debt? I have considered a personal loan

If it's really 4.5%, you are unlikely to get a cheaper loan.