Using both 0% credit balances and a loan to keep monthly payments of debts affordable for me

wendypolly

I have been successfully using 0%balance transfers to pay off some debts.  I always set up DDs that will pay off the amounts in time.  Recently illness, losing the £300 energy payment  before Christmas , and my car being stolen and costing more than the insurance to get another, andthe general price rises for so many regular payments pushed me into Barclaycard more than I usually would.  Both 0% cards will be paid in 12 months.  I want to take a loan for the Barclaycard over a longer period so that my payments each month are affordable and I don't slip further into debt.   Any comments or suggestions?  I hate that I will pay interest but in this instance I think it would be better for me to know what my payments are each month, to know the two 0% will finish in 12 month and have less monthly outgings.

enthusiasticsaver

Effectively that is debt consolidation and makes no sense if you have 0% cards.  Often people transfer credit card debts on to a loan then build up credit card debt again effectively increasing the debts. Reduce the monthly payments if they are unaffordable (just make sure they are above minimums) and if  there is still a balance in 12 months time you can get other BTs. 

fatbelly

What apr have you been quoted on the loan? How much do you have on the Barclaycard? What is the apr there?

It does seem like a backwards step as you will be contracted into a chunk of interest, increasing your debt, which is what you said you were trying to avoid.

It would help if we could see the full picture

https://www.lemonfool.co.uk/financecalculators/soa.php