Cheap 1yr Loan?

oddoneout

Interesting and I can see the extra savings, but I'm not going to do that - it would take a long time till I'm debt-free. Taking all the suggestions into account and the fact that I want to be debt-free as soon as I can, I think I may as well stay with the loan I have and try to pay more when I can. This way in a year's time I won't owe anyone anything, which is the most important thing. I'd like to make some savings in interest, and may do if I pay it off early, but that's not going to make a lot of difference whichever option I chose, but even by doing nothing other than keep up my payments, I'll still owe nothing in 12 months!

Thanks to you all for your suggestions, but I think this is the best bet for me.

JimmyTheWig

oddoneout wrote: »

I think this is the best bet for me.

And that's the important bit.

But I just want to make one further point.
To me, having a £4000 balance on a credit card at 0% interest and £4000 in a savings account, that I don't touch, earning 3% interest is still being debt free.
I currently owe £34,000 to credit card companies. But wouldn't describe myself as being in debt.


But if you don't see it that way yourself, that's absolutely fine. You need to do what is right for you.