0% Balance transfer.

Sanctioned_Parts_List

If I may make a suggestion?

£6000 plus 1.9% fee is £6114. £6114 / 23 = £266 just under.

If you reckon you can get £6114 cleared in 12 months then you're committing yourself to £509/month.

Thing is, this is cheap debt! The 1.9% fee over 2 years works out at something like the equivalent of debt at 0.8% APR - that's actually a better return than leaving it in a fee paying bank account!

Why not divide your payment into 23 payments of £266 and save the remaining £243 in your emergency fund in an interest bearing account? Then that's Christmas, birthdays, car insurance and winter boiler breakdowns covered right there! Yes your debt will last longer, but you'll have armoured yourself from future debt.

WantToBeSE

Sanctioned_Parts_List wrote: »

If I may make a suggestion?

£6000 plus 1.9% fee is £6114. £6114 / 23 = £266 just under.

If you reckon you can get £6114 cleared in 12 months then you're committing yourself to £509/month.

Thing is, this is cheap debt! The 1.9% fee over 2 years works out at something like the equivalent of debt at 0.8% APR - that's actually a better return than leaving it in a fee paying bank account!

Why not divide your payment into 23 payments of £266 and save the remaining £243 in your emergency fund in an interest bearing account? Then that's Christmas, birthdays, car insurance and winter boiler breakdowns covered right there! Yes your debt will last longer, but you'll have armoured yourself from future debt.

Actually, that isn't a bad idea. I like the idea of having a bigger emergency fund, plus not having to worry about Xmas, birthdays etc.

Plus, the biggest bonus would be having a big enough EF to not get back into any debt.

Thanks