Loan or 0% credit cards

Curly2014

Hi all, I have a dilemma I currently have roughly £10,000 between 3 credit cards and an overdraft. I would like to pay them off as quickly as possible. I'm not sure whether to apply for a loan (one application) too cover all debt or 0% cards (this may be multiple applications if to cover all debt)

What would you do in my position?

Many thanks

[Deleted User]

I'd look at what was the cheapest option available to me, based on my circumstances.

adindas

Curly2014 wrote: »

Hi all, I have a dilemma I currently have roughly £10,000 between 3 credit cards and an overdraft. I would like to pay them off as quickly as possible. I'm not sure whether to apply for a loan (one application) too cover all debt or 0% cards (this may be multiple applications if to cover all debt)

What would you do in my position?

Many thanks

It will depend on how much the the BT fee you 0% on BT you could get. But it is highly likely 0% on BT is the cheapest option.

The problem here is that it is not easy to get considering you have mounted up £10,000 + overdraft, presumably all have been used up.
It will also depend on how much your income. It is quoted here is that your credit limit will normally should be below 50% of your income to easily get another credit card, although in rare case few people have reported to get credit limit more than their income. So in general case to get £10k + £10k (for new card) you will need to have an income of about £40k+ to easily get another credit card.

Also just to remind you debt consolidation rarely work. You will need to have a very strong determination to clear the debt when you manage to get another creditcard.

Superscrooge

Try the eligibility checker to see what your chances are of getting a no fee 0% BT card.
This would be the cheapest option if you are eligible?

https://creditcards.moneysavingexpert.com/?balance-transfer

lilywhite133

I'm sorry...
It is test -:)