Virgin Cc

colann_2

thank you very much for all your advise - you are great.

Treadmill

NickX wrote: »

Sorry Treadmill, I completely disagree. Colann is doing completely the right thing moving the debts to a 0% card - this is good Debt management and should help her get sorted much more quickly.

I agree in principle that transferring to a 0% card makes sense but know from experience that if you are currently having trouble meeting existing obligations then the temptation to use the new card for spending is huge, in a lot of cases people will spend on the card they opened for the purpose of a BT and also on the card they have cleared.

I'm not negging anyone out here but pointing out we are all human. in my opinion for most people it works out cheaper just paying off what you already owe and not risk borrowing extra, for anyone comfortably meeting payments my advice would be BT to 0%.

Thats just my opinion though as somebody who has been in the same boat

Treadmill

Good luck and all the best colann you are working hard to resolve your debt, I hope it all comes good :-)

NickX

Treadmill wrote: »

I'm not negging anyone out here but pointing out we are all human. in my opinion for most people it works out cheaper just paying off what you already owe and not risk borrowing extra, for anyone comfortably meeting payments my advice would be BT to 0%.

Sure thing I understand what you are saying Treadmill.

The key thing here is to stick to the rules that Martin has documented. Once the Balance Transfer is done, do NOT spend on the card with the BT amount, unless you are completely sure that it will not be a problem. I have been stoozing for 10 years, and I have been caught out before now by the sneaky way the Credit Companies try to get you to spend on the cards after you have done the BT. Best advice is to NOT spend on the card.

Also I would advise that once the BT is done, cut up the old cards so as not to rack any more debt up at extortionate rates. If you really need to borrow again, get a separate 0% purchases card and use that. If possible save money in a high interest account while the 0% deals are running with a view to paying them off upon expiry.

It can be done, hard work I know, but we can make profits from these companies.