Student debt and credit cards

chestermanlee

I have 7k on credit cards, i pay back between £200 - £250 per month. I always balance transfer and only occasionaly pay interest if i dont get the new card on time.

My question is would i be better getting a personal loan for the 7k and paying about 2k in interest or is there a better way of getting rid of the debt.

I have seen repayments of about £160 - £170 per month for 5 years on personal loans.

Many Thanks

juliag

why would you want to take out a loan on this if you can keep balance transferring with 0 % finance, if this is poosible then it makes sence not to pay any interest at all and keep doing what you already are

grumbler

chestermanlee wrote:

I have 7k on credit cards, i pay back between £200 - £250 per month. I always balance transfer and only occasionaly pay interest if i dont get the new card on time.

Nothing can be better than this strategy while you can get new 0% cards without BT fee.

My question is would i be better getting a personal loan for the 7k and paying about 2k in interest

How this could be better?:mad: You just pay extra £2000....

or is there a better way of getting rid of the debt

The only better way is to keep what you are doing now, but pay more.

I have seen repayments of about £160 - £170 per month for 5 years on personal loans.

£160*60=£9600=£7000+£2600