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shifting debt and reducing %
leni
Posts: 942 Forumite
Ok, I'm looking at buying a new car and so it has forced me to relook at our finances!
Basically we have the car money in savings, though I'm going to get a 0% on purchases credit card and make payments each month, therefore allowing us to still generate interest on our savings for longer.
This has made me look at our loan, early settlement would be £9978.11 and looking at the best 0% on balance transfer would cost us a fee of £290 to move this bedt to a 12 month 0% credit card. Continuing current payments would mean based on 0% deals charging a 3% fee, it would cost us £150ish in year 2 to balance transfer. Total cost £450ish saving in interest would be approx £700
Does this seem a wise move to make?
OH is not money minded and I'd have to explain the benefits as he'll see applying for cards and transferring balances as too much of a chore for £700 savings:rolleyes:
Deals I'm looking at are MINT for loan/balance transfer and Halifax for car payment
Basically we have the car money in savings, though I'm going to get a 0% on purchases credit card and make payments each month, therefore allowing us to still generate interest on our savings for longer.
This has made me look at our loan, early settlement would be £9978.11 and looking at the best 0% on balance transfer would cost us a fee of £290 to move this bedt to a 12 month 0% credit card. Continuing current payments would mean based on 0% deals charging a 3% fee, it would cost us £150ish in year 2 to balance transfer. Total cost £450ish saving in interest would be approx £700
Does this seem a wise move to make?
OH is not money minded and I'd have to explain the benefits as he'll see applying for cards and transferring balances as too much of a chore for £700 savings:rolleyes:
Deals I'm looking at are MINT for loan/balance transfer and Halifax for car payment
DEBT FREE for the first time in 10 years and with savings!
1st Baby due May 2011
it's a BOY:j0
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