Best way to pay off interest?

freecelt

Hello all,
I have a credit card with 6.5k on it, with an APR of 22%.
What is the best way to pay off the debt, whilst paying the least possible amount of interest? The most I can pay a month is £150.

What about starting by transfering the balance to an Ulster Bank credit card (0% interest for 6 months, 0% transfer fee)?

all advice is appreciated, thanks, freecelt

RAS

PAY WITH THE SNOWBALL ON ww,whatsthecost.com. Paying 0% for a while will help, as long as you do not end up on an even higher APR at the end of the deal.

Burlesque_Babe

The best thing to do is to get it all onto a 0% card if you can. Then, just before the deal runs out, move the remaining balance onto another 0% and so on until you have paid it off.

ms_london

Hiya.

If you can move your debt to a 0% card & be a 'card tart' definately do that - otherwise, and if you have a poor credit rating, there may be little you can do and just accept you have to pay the interest at that rate! You could always approach your current creditor and see if they can reduce the rate, say XYZ has offered you a better deal and could they match it? Its worth a try!

One creditor of mine (a credit card) actually froze the interest for me, which REALLY helped!! xx