# Go on interest free mortgage to pay off CCs



## Jim Bob Walt (16 Feb 2010)

Myself and my partner foolishly built up a credit card debt of 20,000. It is really crippling us paying it back. Have been turned down for a loan and just gone on short time working, temporarily I hope.

Would it be prudent to go on interest free mortgage for 6 months and concentrate on paying off a chunk of the credit cards in that time.


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## Calico (16 Feb 2010)

Could you get a top-up on your mortgage? It would be better to clear a CC bill of that size in one go with another loan rather than try and chip away at it over time.

Possibly a better idea would be to move it to an introductory 0% deal with another credit card provider and try and make a dent in it. Once the interest-free period deal expires move it again to another 0% deal. 

Provided there are no restrictions on the size of the balance that can be transferred, you could probably get a couple of years free of interest payments by regularly hopping across to 0% deals.


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## VOR (19 Feb 2010)

Getting an interest free CC would help. However, as your employment circumstances have changed it may be difficult to source a provider.

I also don't see how 6 months will change your circumstances to a great degree. Unless, of course, you are thinking of lumping in €2K+ a month to the CC. 

This really needs a larger review to see how you can reduce the CC. Could you post using the Money Makeover template? You will get a lot more advice then.


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