Clearing Credit Card

[Holtend82]

I have my current ac and credit card with AIB. I have a visa with a balance at about €1900. The interest in that is about €35 a month. I am managing to pay about €100 every month off of it as thats all i can really afford at present. Would i be better off moving my credit card to PRTB to avail of the interest free credit for six months and in that time make a big dent in my balance with out paying interest?

Any advice would be welcome, thanks.

 

[Janet]

Yes, you probably would but with a few conditions. Give back your AIB credit card and close that account. Cut up the new PTSB card as soon as you get it and don't use it at all. Yeah, yeah, I know everyone says that but it really, really is true. You can check out this old thread of mine if you like, to see why it really makes sense to do it: How overspending by a small amount on a regular basis spiralled into serious debt.

And if you can't manage to clear the full balance in the six months, check that the interest after the six months is over isn't going to mean you paying even more than you do currently.

 

[dublin100]

Yes, switch, as long as you know all the charges and know what the interest rate will be, after the 6 months.
Finally, don't think you have 6 months to lay off on the repayments.