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Do you have credit card debt?
Do you feel like it just keeps building and you can't get rid of it?
Not sure what to do?
See if any of these plans can work for you!
Do you feel like it just keeps building and you can't get rid of it?
Not sure what to do?
See if any of these plans can work for you!
Plan number 1:
Get a 0% interest balance transfer card. (You will need a decent credit score to get a card, but don't worry I have another plan if you don't!)
With this you can transfer, usually only during the first 3 months, the balance to your credit card.
Get a 0% interest balance transfer card. (You will need a decent credit score to get a card, but don't worry I have another plan if you don't!)
With this you can transfer, usually only during the first 3 months, the balance to your credit card.
This means you will have paid off the credit card, in full or part,which is charging you a very high interest rate.
Now your debt is on the 0% card and that means you will be able to pay off your debt quicker!
Now your debt is on the 0% card and that means you will be able to pay off your debt quicker!
You may have higher monthly repayments but you will pay a lot less over time!
You must pay at least the minimum amount due on the card or face losing the 0%!
You must pay at least the minimum amount due on the card or face losing the 0%!
You will be given an amount of months by the bank you get your 0% card from it could be upto 28 months offered by M&S but you have to pay 2.85% of the balance you transfer.
For truly 0% the max is 20 months offered by a few banks.
You may not get the full 20 months depending on your credit score.
You may not get the full 20 months depending on your credit score.
Ideally you want to pay off the debt in the time you are given the 0%.
However, it is possible when you run out of time to just get a new 0% balance transfer card.
(Not guaranteed so be careful and check well before the end!)
However, it is possible when you run out of time to just get a new 0% balance transfer card.
(Not guaranteed so be careful and check well before the end!)
You should never have to pay interest on your credit card debt again if done correctly!
Just make sure you never default a payment!
Next plan
Just make sure you never default a payment!
Next plan
Plan number 2:
If you have a large amount of credit card debt you should look into getting a loan to pay it off.
A 2.8% for £15k loan, best I can find at the moment, is far better than 19.99%-39.99% in interest.
Again good credit score required so this is the other option
If you have a large amount of credit card debt you should look into getting a loan to pay it off.
A 2.8% for £15k loan, best I can find at the moment, is far better than 19.99%-39.99% in interest.
Again good credit score required so this is the other option
Plan 3:
A 0% balance transfer from Fluid.
There's a 4% fee to pay and you only get 9 months.
But that 9 months might give you enough breathing room to get in a position to clear it.
A 0% balance transfer from Fluid.
There's a 4% fee to pay and you only get 9 months.
But that 9 months might give you enough breathing room to get in a position to clear it.
Once the 9 months end the interest rate rockets so plan carefully how to clear the debt in that time.
Final warnings!
Final warnings!
Pay at least the minimum monthly repayment figure.
Sort out a new 0% balance transfer well in time for your current one ending!
Applying for a credit card will mark your credit file, use money saving expert's eligibility checker to see how likely you are to be accepted first!
Sort out a new 0% balance transfer well in time for your current one ending!
Applying for a credit card will mark your credit file, use money saving expert's eligibility checker to see how likely you are to be accepted first!
DO NOT SPEND OR WITHDRAW using your balance transfer card this will incur charges! Lock it away in a drawer if you need to!
Any questions don't hesitate to ask!
Any questions don't hesitate to ask!
