Credit Card Debt - Is a personal loan the answer?

[Kmac]

i have credit card debt of approx €4k...which i seem to be making no in roads to clear! currently i have a fixed direct debit of €100 a month to pay the credit card bill. each month half goes to pay the monthly interest and the other half (€50) comes off the outstanding balance. so im constanly chipping away at the €4k but really going nowhere. i know this is madness but up to know i've been ignoring it cause luckily enough i dont use the credit card.

so could someone advise me if i would be better off getting a personal loan and use the €100 to repay the loan rather than my current situation? any other alternatives?

Whats the quickest way to clear this debt...i could afford to pay off €200 per month?

 

[Thrifty1]

Hi Kmac, could you not switch to a 6 month interest free card or perhaps one with a lower start rate (i think usually about 2.5%), If you got an interest free one and paid €200 a month in the 6 months you would have paid €1200, then you might be able to switch again.

If not a personal loan of €4000 at about 10% over 22 months would cost about €200 a month - €395 in interest on this, a lot less than the interest on the card.

 

[thaiaddict]

Switching is your best bet if you can. if you have difficulties mbna are quite hassle free and pretty quick..transfer at 1.9% for 6months

 

[boug]

I was in a similar situation to you Kmac about a year and a half ago maxed out the credit card €5000 when i was building my house.

Done as the other posters suggested. Started with UB credit card 9 months interest free swaped the remaining balance bto Mbna and just opened a Bos CC. Only three months to go and i will have paid it all off interest free.

The only thing is try and stick with your repayments.