Sunday Mirror - - FRONT PAGE -

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.

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