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Credit cards cheap (or 0%) balance transfer
t_ferrino2k
Posts: 10 Forumite
My parents are fairly elderly and worried about the balances they have built up on various credit cards. These include: Homebase, Sainsbury's, Capital One, Abbey, etc. I am not sure how many, but at last count the total balance for all of them was around £30k.
Clearly this is a problem and I am reading as much as I can about cheap/0% balance transfers. As far as I am aware their credit rating is fairly good, but not perfect. They are hoping to sell their house later in the year/early next year and will be in a position to pay all this off, but in the meantime I want to help minimise the ridiculous interest they are incurring each month which is eating into their bank balance, which itself is now in overdraft.
Could anyone who has been in a similar situation (i.e. owing thousands) pass on some advice. Obviously not all the card balances can go onto one new card, so what's the best approach to take?
Clearly this is a problem and I am reading as much as I can about cheap/0% balance transfers. As far as I am aware their credit rating is fairly good, but not perfect. They are hoping to sell their house later in the year/early next year and will be in a position to pay all this off, but in the meantime I want to help minimise the ridiculous interest they are incurring each month which is eating into their bank balance, which itself is now in overdraft.
Could anyone who has been in a similar situation (i.e. owing thousands) pass on some advice. Obviously not all the card balances can go onto one new card, so what's the best approach to take?
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