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balance transfer or loan to clear debt?
Jusjamm
Posts: 1 Newbie
in Credit cards
i have a credit card and need to clear around 4k on it to be debt free. I wanted to know if it is better to get a balance transfer credit card or a bank loan to clear this 4k? Any suggestions?
0
Comments
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A BT would be better so long as you get accepted for one.
Try an eligibility checker first and see what comes back0 -
Well, neither will "clear" the debt, Nor will you be debt free if you do this you will just be moving it around and likely generating further interest. How do you intend to pay the debt?This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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Please explain how clearing a 4k balance on a credit card by borrowing a further 4k elsewhere will make you debt free?i have a credit card and need to clear around 4k on it to be debt free. I wanted to know if it is better to get a balance transfer credit card or a bank loan to clear this 4k? Any suggestions?
If you are currently paying interest on the existing balance then obtaining a 0% balance transfer card would probably be the best solution assuming that you are accepted for one.0
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