C
Ciaran_06
Guest
I know credit card balance transfers are regularly discussed on this board but I don't even understand the basics of how they work so I was hoping someone could help?
I owe about E5,500 on my CC which needs to be cleared in mid August but I don't think I'm going to make it. I will definitely be able to clear it completely within three months (money due to me then) so I'm hoping to be able to transfer to another CC company to give me a little breathing space.
If I am able to transfer the balance how does it work then? Do I have to pay off a little every month or can I pay off the whole sum at the end of a particular period (eg 3 months?).
Does the new CC company clear the debt with the old one and then I repay the new company?
Sorry for my stupidity, I just don't understand any of these things! Please help if you can, thanks.
I owe about E5,500 on my CC which needs to be cleared in mid August but I don't think I'm going to make it. I will definitely be able to clear it completely within three months (money due to me then) so I'm hoping to be able to transfer to another CC company to give me a little breathing space.
If I am able to transfer the balance how does it work then? Do I have to pay off a little every month or can I pay off the whole sum at the end of a particular period (eg 3 months?).
Does the new CC company clear the debt with the old one and then I repay the new company?
Sorry for my stupidity, I just don't understand any of these things! Please help if you can, thanks.