our best bet is to take your extra €400 and start putting it into the CC with the highest interest rate and work your way down the list of cards.
For example if you started with your 2nd MBNA CC you should clear it in 7-9 months depending on the interest rate.
interest rates on mbna cards is around 15%, UB is 17% and halifax 11%
I have been quoted ( not approved)online as being able to get a loan with my bank at the following
Total amount of borrowing: € 17,000.00
Term: 3 Years 0 Months
Type of borrowing: PERSONAL LOAN
Fixed Interest payable (APR): 8.7 %
Total monthly repayment: € 535.64
Total payable: € 19,283.04
Total cost of credit: € 2,283.04
I did consider putting the 400 to the other credit card as I know its very hard to get a loan these days. however I am paying a lot of interest on the balances and as you can see if I was successful I could save a lot on interest over next 3 years.
A few months ago I did call one of the irish banks (who I dont have an account with) and tentatively asked about a loan to consolidate debt. they were very definitive that they dont loan to clear debt!!
I decided to wait then until my current loan was totally clear. ( this was 20K over five years)and now I am thinking of approaching my , I own bank, i am worried they will say flat no because of consolidating and thats why i wanted to know my chances..
I have a mortgage with same bank and have never being in arrears and my job is secure and pays well.
thanks for you comments so far..