is this a good or bad idea?

homersimpson_3

my friend has requested i post this entry. he has become a real money saver over the past few months and bedgrudges paying any interest or charges.a complete change of attitude
he earns about 14k. about 2-3 months he obtained about 2.5k on a virgin card. he used 2.5k to reduce flexible mortgage and thus pay less interest.
he is paying minimum of £5. interest free period ends in Jan 2006.
his current mortgage is about 4k at 6.3% with no tie. pays about £25 per month interest and wants to use this to reduce debt even further. .- all he wants to do now is save! he is paying about 430 overpayment per month from wages. cut expenses to bare minimum.
he wants to know whether he should apply for another credit card at 0%, ask for 4000, pay off mortgage and target saved interest off debt.
how likely he is to get it? what are pitfalls? which card etc. thanks

grumbler

Not a good idea.

Of course, reducing mortgage is the most effective way, but what your friend will do with CC debt when he is refused with a new card(s) and cannot transfer balance(s)? Can he withdraw money from his 'flexible' mortgage? If yes, it is fine. Otherwise placing money to good easy-access saving acconts is better idea. And a first accont to start with is cash-ISA with £3000 yearly allowance.