Best way to clear 14.5k bank loan

Bizzle123

Hi,

So I currently have a 14.5k bank loan with 20% APR. I pay £350 a month and have 70 months remaining.

I was thinking about getting one or two 0% credit cards to clear my the debt as I want to stop paying so much a month on interest! Is this a good idea or is there something else I could do?

Thanks!

[Deleted User]

If you can get the card yes, though it looks unlikely on those figures.

Try an eligibility checker for money transfer cards.

Cropstar

See if you can get a balance transfer over a reasonable period. Only take what you know you can clear over the interest free period (in addition to existing loan payments) and make an overpayment on the loan so that overall you pay less in interest.

[Deleted User]

It'll need to be money transfer, not balance transfer.

foxy-stoat

You need credit card(s) with money transfer option.
You need to keep paying the £350 a month towards the loan.
You need to make high enough monthly payments on the credit card(s) to clear the 0% debt by the end of the introductory offer, or you will have to balance transfer to yet another card(s) and continue paying, or you will be paying more in interest charges.

Or just over pay the existing loan as much as you can.

enthusiasticsaver

Yes, if you can get a money transfer card for that amount but I would find it surprising if you could. Maybe over 2 or 3 cards but applying for lots at the same time could affect your credit rating.

parking_question_chap

Nobody seems to have questioned the root cause of the debt.

Have a look at your outgoings and reduce all unecessary spending until the debt is cleared. No point moving the debt around if you still have no way to service it. Eventually you will run out of 0% cards to sign up for.