Advise please should I take a loan to pay off credit card

swaite78

Hello,

Could someone more inclined with maths advise, I owe £4130 on a credit card with Lloyds. The interest is 19.6% APR I pay £200 a month. This month is my final payment on a Hitachi loan for a kitchen I was paying £80 a month for over 4 years I was planning on upping my credit card payments to this so £280 a month until its paid.

The only reason my credit card is like this is my GF was on maternity leave for a year and I had to pay everything otherwise I never touch it.

Hitachi are offering 3.8% personal loans over 60 mts ,I was thinking would I be better off taking one out paying my cc off and saving the £200 I pay towards my credit card? It seems to make sense but the thought of taking out debt (especially when I finish my loan this month) to pay off my CC fills me with dread.

[Deleted User]

You may not get a loan at that rate. Have you looked at eligibility checkers for loans or BT cards?

What is your income, total debts, available limits?

What is your credit history like - any negatives? Look at the data, not the scores.

In the meantime, throw as much as you can at the debt.

RichL74

My 'advice' would be are you willing to ditch the credit card and never use it or pay it all off, have a zero balance then in a few months time start putting the odd few bits a pieces on it thus whacking up another huge amount to pay off and technically having twice as much debt to pay off?

swaite78

The card hasn't been used for 2 months now I'm not someone who spends for the sake of it if you know what I mean, I work in travel and its usually only for car rental and hotel deposits when on holiday never ever used otherwise.

My income is £35k I also earn rental income at £10k
My partner has an income at £45k a year but this is her first pay at the end of this month thank god so at the moment I have solely been paying everything on my own . I really need to sit down and work out where my money goes because I don't actually go out or do anything and I am somehow always skint!

My credit history has no negatives I have never ever missed a payment my credit card limit is £8k

WillyWonga

Avoid a loan.

On a joint income of £90k you should quite easily clear up over 6 months even with interest.

[Deleted User]

Look at BT cards. You should be able to pay it off within the promo period.

swaite78

thank you for the help I will do that

[Deleted User]

With an income of £90k you should be able to clear the card down in no time

Even on £45k you should be able to throw more than £280 at it

No need for a loan

swaite78

All set up got a £7000 limit with MBNA and have arranged the transfer , this took less than 2 minutes to set up its like a weight off my shoulders knowing that what I'm paying is actually paying the debt off rather than £200 not even making a scratch.

Thank you guys

Gary remember I had a year where I had £2500+ before food /petrol leaving my account as I was the only earner. This month I get £1000 from my partner for half the bills so I can start paying this off:]