Offset credit card debit with a Bank Personal Loan?

Samkew1809

I had a meeting with my bank representative who suggested that I borrow £25,000 at 8%APR over 60 months to payoff 3 credit card debit of £26,500 with APR of 14.9%. Are there any better options availablr to me?

Thanks
Samkew

Bismarck

Gut feeling is get a smaller loan to pay off one card and shuffle the rest, we need the CC details and interest rates, limits and balances per card....

Also look at saving every penny you can from your day to day expenses and hit the debts in the correct order.

Have you worked out how much interest you'd end up paying the bank for this debt they're selling you? Plus it would be inflexible and a real ball and chain....let everyone on here have a look first before you sign up.

Bismarck

PS...well done for posting here and not being pushed into the loan headfirst.

BenL

Avoid the PPI (Payment Protection Insurance) they will try and sell you.

This would increase the amount of the monthly repayments.