Best way to borrow ????

The_Big_Yin_4

I have mnaged to rack up nearly £7k worth of debt on credit cards and overdrafts etc and now need to consolidate it each month I have a good credit rating but i cant decide how best to approach this

I already have a loan for a car

1. do i consolidate the borrowing with that
2. take a seperate loan for the new debt and where is the best rate at the moment
3.Or now this bit im not sure of I remember seeing somewhere someone offering a lifetime balance transfer of 3.9% obviously this is cheaper than a loan and as long as i make the d/d min payments im free then to pay it off quicker if i want - can anyone enlighten me to the company as im having trouble locating it!!!!

I have the money to pay this off each month but hate having bits and bobs here and there and need to lose the credit cards (close them completly to avoid the wifes shopping sprees again) and remove the overdrafts out of temptations way
Help me please

grumbler

The_Big_Yin wrote:

3.Or now this bit im not sure of I remember seeing somewhere someone offering a lifetime balance transfer of 3.9% obviously this is cheaper than a loan and as long as i make the d/d min payments im free then to pay it off quicker if i want - can anyone enlighten me to the company as im having trouble locating it!!!!

Best Balance Transfers (cut the cost of existing credit card debts) article:

Cheap interest isn’t all about effort. ‘Life-of-balance’ transfers, where for new customers the special cheap (though not 0%) rate lasts until the entire balance transferred is paid off, are the perfect solution as you never need to switch.


The cheapest on the market is are the the Amex Platinum* card, and British Airways Amex*, which are both at 4.9%. The next best is Lloyds TSB Advance, which charges 5.5% for the life of the balance.

However:
1. These cards usually give lower credit limits (hence not very good for 'consolidation')
2. They can charge you for balance transfer

...and remove the overdrafts out of temptations way

Don't do this as you risk to incur heavy charges for being overdrawn accidentally. Grow up and try to have overdraft, but never use it on purpose.

The_Big_Yin_4

Well thanks if i wanted sarcasm i would have simply spoke to the wife

Im aware banks charge fees but i dont intend to use the overdraft again , I got into the situation after moving home and non stop problems with a car i bought that spent more time in the garage getting fixed than on the road and have never been able to reduce it always borrowing within the limit and never exceeding what i had so i feel safe knowing that this shouldnt become a problem once cleared.

Grow up !!! You know nothing about me and that comment is uncalled for - Why should people have an overdraft if they dont want one your advice is gladly taken and filed accordingly Many thanks!!!!

Robert_Sterling_3

The_Big_Yin wrote:

Well thanks if i wanted sarcasm i would have simply spoke to the wife

I am indebted to you for bring a smile to my face this morning.

jimclark1967

The_Big_Yin wrote:

Why should people have an overdraft if they dont want one your advice is gladly taken and filed accordingly Many thanks!!!!

It's almost always better to have the overdraft facility there in case of emergency, better a few days interest than a hefty fee.

It sounds like you're keen to change your spending habits which is obviously the only long term solution to the problem - hope it all goes well :beer:

JC