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Transfer loan balance to 0% credit card, good idea?
AlanB1979
Posts: 17 Forumite
in Credit cards
Hi,
I have a couple of small personal loans, one has a balance of £1975 and the other £600(HP). I have two years left to pay the £1975 and the £600 has to be paid by Oct before start paying interest.
I am looking to decrease my monthly outgoings due to a recent paycut, my total monthly repayments for these two being about £220 pm.
Does it make sense to apply for a 0% credit card to pay these loans off now in their entity and pay the credit balance of over a longer period of time interstate's free?
Are there any pitfalls I should know about?
Any help is greatly appreciated!
I have a couple of small personal loans, one has a balance of £1975 and the other £600(HP). I have two years left to pay the £1975 and the £600 has to be paid by Oct before start paying interest.
I am looking to decrease my monthly outgoings due to a recent paycut, my total monthly repayments for these two being about £220 pm.
Does it make sense to apply for a 0% credit card to pay these loans off now in their entity and pay the credit balance of over a longer period of time interstate's free?
Are there any pitfalls I should know about?
Any help is greatly appreciated!
0
Comments
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You'll need to factor in the money transfer fees and have a pay down plan, so it doesn't revert to the standard card rate.0
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