We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Snowball with 0% credit card?
Options
FinallyDebtfree2017
Posts: 82 Forumite
I am on a mission to be debt free within the next 12 months:eek:
I have reviewed the outstanding amounts my loans and because I am looking to pay it off early I will save on interest, which is great.
I am aplying the snowballing tactics on the loans, but I while I have been working through it I had anothe idea.
I have enough free balance to pay off one of my loans with my 0% balance credit card and I will be able to pay off the credit card within 0% timeframe, this would mean I would save appreciate. £800 in interest.
Should I do it?
I have reviewed the outstanding amounts my loans and because I am looking to pay it off early I will save on interest, which is great.
I am aplying the snowballing tactics on the loans, but I while I have been working through it I had anothe idea.
I have enough free balance to pay off one of my loans with my 0% balance credit card and I will be able to pay off the credit card within 0% timeframe, this would mean I would save appreciate. £800 in interest.
Should I do it?
GOAL 30th November 2017 - 100% paid off, 0% debt left
31st March 61% paid off:T
March 2015 Debt at Highest
31st March 61% paid off:T
March 2015 Debt at Highest
0
Comments
-
does the loan allow payment by CC?I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.0 -
Will the 0% apply to a loan payment... you need to make sure that it does, not all will. You may need to check if it could be done as a balance transfer - speak to the card provide.
If you CAN then once you work out the apr saved vs any fees for the CC then it would indeed seem sensible
DFW Nerd #025DFW no more! Officially debt free 2017 - now joining the MFW's!
My DFW Diary - blah- mildly funny stuff about my journey0 -
MrsTinks I would have to do a balance transfer first, so would actually have to pay a charge, but ultametly save £600, which I can put towards debt repayments.
Can. Do that?GOAL 30th November 2017 - 100% paid off, 0% debt left
31st March 61% paid off:T
March 2015 Debt at Highest0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 598.9K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards