0% or low %

Justin_GB

Hi,
I have an balance on one CC with a low for the life of 7%, but I could transfer half the balance to a 0% for one year. The thing is this 0% becomes 16% after one year and I can not see me paying the balance off in that time.

Am I better keeping things as they are, or save the £150 in interest PA now and look to transfer the balance back to the 7% after a year is up.

thanks,Justin

immoral_angeluk

If you're in it for the long haul and not planning or able to pay it off after the initial 0% period I would go for the life of balance deal.

OliveOyl_2

Work out what you could pay in addition to the minimum payment on the LOB card. Then transfer just 12 x what you *could* pay off each month on the 0% one.

eg £100 per month @ 0% by standing order for 12 payments. = £1200 onto the "free" card (bear in mind the transfer fee!)
and minimum payment to what's left on the LOB card.

I hope I've explained what I mean :rotfl:

Needcash_3

It's crystal ball gazing time .... and I suppose in the current climate, you can never say what's round the corner, but i've been 'tarting' for ages now, i.e., moving my credit card debt from one 0% rate to another just before the time's up on the first card. Not sure how available this option will be in future, but I've always favoured that route. If it's gonna take you eighteen months to pay off for example .... you could do a 12 month ... then move to a 6 month 0% deal after etc

Could you not get a longer 0% deal? I just moved mine to Barclays ... 0% for 14 months ...