Balance transfer or add on to my existing loan?

Bismarck

Hi...you've had your scary moment...that's a great start.....the thing now is to keep moving and be as tight as you can....

There are some fantastically clever people who've got into scrapes on this forum but it takes bottle to get out...when you see the real value in things it's easier.....

Certainly not easy but when you're on the right road it gets to be more and more downhill (in a good way!)

Jemmie

After your advice I decided to transfer my cc debt to a 0% interest card. I now have 2 cards as the other card didn't allow me to transfer as much as was on my card but I feel better that the one charging the interest has only got £1,400 on it. I am going to start paying £130 off of this one every month and £70 off the other one with 0% interest. That way it will get paid off quicker. It means I will have to be really tight with my money throughout the month but I think it will be worth it. I am also going to set up direct debits for each. My husband has done exactly the same thing so we are really going for it this time. Tonight I will be cutting up my card. :eek:

I've even looked into ways to cut down on my bills. Thank you all so much I feel so much more motivated.

Jem x

Jemmie

cut up the credit card that you are trying to pay off?

SarahNeedle1872

Jemmie wrote: »

cut up the credit card that you are trying to pay off?

Yes!!! Yes!! Yes!! then u won't be tempted to use it again! Or if u may need it for emergencies, freeze it in a big block of ice

Tiglet

It's wise not to use it. If you think that you might be tempted to use it to spend money you can't afford, then get rid of it.

As you've transferred some of the balance on to a 0% card, it's really important that you NEVER spend anything on that card. The reason is that they will take any repayments off the 0% balance first. So, if you spend £10 on your card, it will keep costing you interest until you've paid off the whole of the 0% plus the extra £10.

RAS

hI

What is the minimum payment of the card which is at 0%. That is what you should be paying, then put ALL the extra on the card with a interest charge. See the snowball on www.whatsthecost.com.

get hubby on it too.

Jemmie

yes I will definitely get rid of the card tonight.

The minimum payment on the 0% card is £70 so I have set aup a dd for this and I will be paying £130 towards the card with interest.