whats best for me, a loan or a credit card ?

turnstyles1983

hi guys, im wondering what the best option is for my situation. I've got £2,800 on one credit card and £200 on another, and im currently paying £30 interest on the first card each month. I'm paying more than the minimum (but not much more) each month, but cant pay any serious monthly amounts for another 3 months.
So i was wondering whats best for me, a loan of £3000 or an interest free credit card. I aim to pay it off in 18 months, by paying £200 a month (which i know equals £3600, but im taking into consideration christmas, holidays, birthdays etc).
I think that a credit card would be better, as i wouldn't always be paying a set amount and with a credit card i could pay the minimum if i was short one month.
Any help or information on the best cards or loans would be greatly appreciated, thanks.

geordie_joe

I don't know which is best for you, but don't fall into the trap that a lot of people do.

They have a credit card, then either take out a loan to pay off the balance or transfer the balance to another credit card.

Now they have a credit card which is empty, so they start putting little things on it thinking "I'll pay that off at the end of the month". Before they know it the first credit card is back up to where it was in the first place and they are twice as deep in debt.

Indout96

I would transfer the balance to a 0% or low life of balance credit card (but beware of the charge to transfer could be up to 3%) Then cut up the old cards and close the accounts so you arnt tempted.
The main thing then is DO NOT spend on the 0% card as they will take your payment off the 0% bit and charge full interest on what you spend.

turnstyles1983

thanks for the reply, and i know what you mean. I've already learnt my lesson !! this is a simple case of getting a card and cutting it up straight away, so there's no temptation ! thanks mate.