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paying off loan with credit card
stov
Posts: 84 Forumite
in Credit cards
we've had a loan for 15K over 25yrs now for 2 1/2yrs. In this time we still owe as much as we borrowed!
Looking at getting a 0% CC to pay off the loan. What would be the bank transfer sum to pay off the 15K? what would be the minimum monthly repayment on the CC? Anybody currently paying off there loan this way?
Advice would be greatly received.
Just to add to the questions, would I be better off stoozing and paying off chunks of the loan with my interest at the end of the 0% period?
Confused!!!!
Looking at getting a 0% CC to pay off the loan. What would be the bank transfer sum to pay off the 15K? what would be the minimum monthly repayment on the CC? Anybody currently paying off there loan this way?
Advice would be greatly received.
Just to add to the questions, would I be better off stoozing and paying off chunks of the loan with my interest at the end of the 0% period?
Confused!!!!
0
Comments
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What is the interest rate and what is the monthly payment.
The reason you have hardly paid off much is because you have choosen to pay it back over 25 years.
If you want to pay it back quicker you need to pay back more each month.
Presumably you didn't take out PPI on the loan?
i'm not sure what you mean about getting a 0% credit card to pay it off...
-you would have to pay typically 2.5- 3 or even 5% back each month (i.e. 375, 450 or even 750 )... can you afford this
- you would be unlikely to get a CC with 15k limit
- even if you did there's no guarentee that you would be able to get a new one at that limit each time the 0% runs out.0
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