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loan to pay off credit card

  • 16-03-2011 10:36am
    #1
    cheesey1
    Closed Accounts Posts: 182 ✭✭


    I am not sure if this is the correct place for this query.

    I have a bill of €4026.00 on my credit card and when I pay the monthly payment there is also the added sum of interest on purchases so it never seems to get any lower.

    I am wondering would it be worth my while in taking out a bank loan and pay it off over 3 years to get rid of it.

    any advise would be appreciated.


Comments

  • #2
    old_aussie
    Registered Users, Registered Users 2 Posts: 3,410 ✭✭✭old_aussie


    If the interest on the loan is considerably lower than the high interest on the credit card it would be a good idea.


  • #3
    punchdrunk
    Registered Users, Registered Users 2 Posts: 3,355 ✭✭✭punchdrunk


    I think you'll find it very hard to find any bank to give you a personal loan to pay off a credit card in this climate

    which Credit Card company is it?


  • #4
    cheesey1
    Closed Accounts Posts: 182 ✭✭cheesey1


    Its with AIB - I also have my mortgage with them and have always banked with them.


  • #5
    SteoL
    Closed Accounts Posts: 1,545 ✭✭✭SteoL


    cheesey1 wrote: »
    Its with AIB - I also have my mortgage with them and have always banked with them.

    In that case they should agree to a restructure. Banks will restructure their own products, if it was a BOI or MBNA card then AIB wouldn't touch it.


  • #6
    Dr. Dodger
    Registered Users, Registered Users 2 Posts: 381 ✭✭Dr. Dodger


    I was in a similar position a year or 2 ago. I had a credit card bill with AIB and set up a meeting in a branch about a loan/restructuring.

    I ended up getting a loan for the credit card amount with my credit card reduced to a few hundred. Loan interest rate was much lower and saved myself a few quid in interest payments.

    Not sure how much their stance on this will have changed but it's always best to go with the institution that you have the credit card with. Banks won't take on other banks debts.


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  • #7
    SteoL
    Closed Accounts Posts: 1,545 ✭✭✭SteoL


    Dr. Dodger wrote: »
    Not sure how much their stance on this will have changed but it's always best to go with the institution that you have the credit card with. Banks won't take on other banks debts.

    Indeed. The one exception being MBNA cards. I requested a restructure of my card about a year ago and was told "We don't do loans anymore". Ridiculous really as IMO restructuring is win/win for everyone!


  • #8
    cheesey1
    Closed Accounts Posts: 182 ✭✭cheesey1


    thanks for the advice going to go to my bank this afternoon and have a chat with them.


  • #9
    Rebel1977
    Registered Users, Registered Users 2 Posts: 802 ✭✭✭Rebel1977


    Talk to the bank about getting a loan to clear the credit card and also say you want to lower the limit so it will never get to that level again


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