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Dumb debt question - Credit card or loan ?

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  • 27-02-2014 10:35pm
    #1
    Daz R1
    Registered Users Posts: 175 ✭✭


    Ok so I've a pretty tough year ahead financially with a first family holiday, stags (were I'm a groomsman) and a tone of weddings.
    I've currently got a BOI loan with €4000 left to pay which I'll finish in a year.
    I've also got a credit card with €6000 debt
    So here's the question : get a top up loan and clear the card or continue throwing money off the card as/when I can ?


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    #2
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    No brainer, consolidate your credit card debt to a loan with a lower rate. You could also consider trying to transfer it to a new card as some do deals when moving balance over like 0℅ for six month, you could then reduce balance over the 6 months and get a loan.


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    #3
    Daz R1
    Registered Users Posts: 175 ✭✭Daz R1


    Yea but the way I look at loans is - you get a load set up a direct debt and forget about it whereas the CC I'll throw money off it more frequently (ok so no so frequently lately as I've had to shell out for a lot of bills)


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    #4
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    Daz R1 wrote: »
    Yea but the way I look at loans is - you get a load set up a direct debt and forget about it whereas the CC I'll throw money off it more frequently (ok so no so frequently lately as I've had to shell out for a lot of bills)

    Your loan has an account number which you can set up on your online banking and throw extra whenever you want and its at a lower rate. Absolute no brainer with that much credit card debt.


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