Credit card or loan???

forthefuture1985

Hi everyone I currently have around £5k debt (car finance, overdraft, 1 store card) that I want to consolidate. Could this be done with a credit card??? Any advice would be really appreciated I am eligible for 0% balance transfer cards and other credit cards but not sure I could use these for my debts??

[Deleted User]

You'll need a money transfer option for most of that.

And just one question mark per question will be fine.

YorkshireBoy

What was the overdraft balance 3 months ago, and 6 months ago? Same question for the store card? If largely the same as now then consolidation is almost certainly not going to work!

Dobbibill

What cards have you seen/been told you are eligible for?

Any eligibility checker you've used will only give you a guide, never a guarantee of acceptance.

Agree with both PPs - be mindful with consolidation that you need to be very self disciplined and won't always get the limit you want/expect as you are asking to double your available credit.

Get it right and it cuts your cost in interest and time it takes to be debt free.......get it wrong and you double your debt.

enthusiasticsaver

Be very careful with consolidation. Moving expensive borrowing to a 0% card, has to be money transfer one to pay off loan, overdraft, btw is only a good move if you then do not proceed to run the overdraft, credit card etc up again. That £5k debt could end up being £10k in a year or two otherwise.

muhandis

1. No, none of these debts will ordinarily be transferable on to a BT card.

2. You *could* apply for a money transfer card (which lets you transfer cash from the CC to your bank account) but these typically come with a fee of 4% and (from personal experience) might be harder to get than 0% purchase and BT cards.

3. In your place I would apply for a 0% purchase credit card, do all my spending on there and overpay the other debt in the order of most interest/fees saved. This would have the same effect as debt consolidation on to a card, albeit over a longer period. But please note that at the end of the 0% offer period, the interest will likely jump to a horrendously high number such as 20-25% so you need to be sure that you can pay it off by then.

forthefuture1985 wrote: »

Hi everyone I currently have around £5k debt (car finance, overdraft, 1 store card) that I want to consolidate. Could this be done with a credit card??? Any advice would be really appreciated I am eligible for 0% balance transfer cards and other credit cards but not sure I could use these for my debts??