I’ve written many times about balance transfers, where you get a special new credit card deal to repay existing cards, so you still owe it but at 0% interest for up to 40 months.
Sounds good, but the challenge if you have ongoing debt is being accepted. Use a balance transfer eligibility calculator to see your odds of a deal. Mine is at mse. me/eligibilitycalculator.
Even if all you get is a year’s interest free the impact is huge. Many are put off applying if their acceptance chances are slim – say 20%. Yet it doesn’t mean rejection. Two in 10 in your position will be accepted. So go for it – you’ve little to lose by one application and the upside is huge.
As Kelly emailed: “Legend. Used eligibility calc, got 35mths 0% & shifted £11k from 29.9%. Shocked by savings.” I’m not surprised! If she clears the debt in 35months she’ll save £4,900 interest.