We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Moving debt to credit card
leni
Posts: 942
Forumite
in Credit cards
Realised this might be better here...
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 £250 to move this debt to a 13 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 £400ish saving in interest would be approx £750
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 TESCO for loan/balance transfer and Halifax for car payment
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 £250 to move this debt to a 13 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 £400ish saving in interest would be approx £750
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 TESCO 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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 355.7K Banking & Borrowing
- 254.9K Reduce Debt & Boost Income
- 456.1K Spending & Discounts
- 248.3K Work, Benefits & Business
- 605.8K Mortgages, Homes & Bills
- 179K Life & Family
- 263.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.7K Read-Only Boards