Balance Transfer Advice please

[aerobubbles]

Hi Folks,
Im in a bit of a rut and need a bit of advice as to how to sort it out. I have a BOI Credit Card, dont ask the rate of interest as i have no idea, i have the card around 10 years balance is 5000 and its at the limit it has been for a number of years. I use to be self employed and stupidly used my cc to pay my tax one year and i have been paying for it ever since.

My balace use to be 2500 which i use to manage just fine but then about two years ago without asking the bank or indeed been informed by them they kindly added another 2500 to my balance which like a fool i spent too. Now im making the minimum payments every month and getting no where fast.
I had a bank loan also but thankfully i made the last repayment today so no ill have an extra 400€ a month available to stick on the cc and try to dig my way out of debt.

I have been looking at the threads on 0% cards can anyone tell me which card would be best to stick the 5000 onto if i stick to paying say 300/350 a month?

 

[Macstuff]

I got one from MBNA that allows you to have interest free balance transfers for ten months. If you stuck to your repayment plan your balance would be between €2k and €1500 after ten months. At that point the interest rate would revert to 18.5%.
Ten months is quite a good interest free period.

Don't spend too long thinking about this, the longer you wait the more the interest mounts up. Once you've applied it will take about a month to do the balance transfer.

Remember there are still a few banks / institutions offering interest free credit cards, so you could take the MBNA one for ten months and then transfer to another card when that runs out..

Good luck and get moving on it...

 

[Macstuff]

Just one other point with MBNA they may only offer you an initial limit of €1,500, it will depend on how much you earn, your credit history, your history with them etc.
What I'm saying is don't assume that they will take your full balance, look at a few other options also, eg a bank / credit union loan to clear it.