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best way to pay off credit card debt?

  • 16-02-2011 2:22pm
    #1
    curr353
    Registered Users, Registered Users 2 Posts: 3 ✭


    hello everyone,
    i am in dept with a credit card,and i have been paying off the minimum payment due for the last couple of months,but now i am finding it hard to even pay that,the interest on the credit card is very high at 21%, i have read of people in the same situation where the banks have dropped the interest rate but want to find out more before i ring them,so if anyone has been trough a similar situtation,or has any advice i would be very greatfull.


Comments

  • #2
    Jannise
    Registered Users, Registered Users 2 Posts: 56 ✭✭Jannise


    you can ask the bank to convert the credit card debt to a short term loan. interest will be around 14%. It is till high, but it is lower, than you have now.


  • #3
    drunkmonkey
    Registered Users, Registered Users 2 Posts: 28,691 ✭✭✭✭drunkmonkey


    Transfer your credit card to another provider who is offering 0% interest for 9 or 12mts. This will give you a chance to attack the capital and will work out cheaper than a loan.

    EBS are doing 0% for 10mts at the moment http://www.ebs.ie/site/all/Members%20Credit%20Card?Opendocument


  • #4
    GerardKeating
    Registered Users, Registered Users 2 Posts: 7,804 ✭✭✭GerardKeating


    drunkmonkey wrote: »
    Transfer your credit card to another provider who is offering 0% interest for 9 or 12mts. This will give you a chance to attack the capital and will work out cheaper than a loan.

    EBS are doing 0% for 10mts at the moment http://www.ebs.ie/site/all/Members%20Credit%20Card?Opendocument

    The only good if the Op's card is not with MBNA, the EBS card is issued by MBNA and they wont give 0% for debt from another MBNA card.


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