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Advice on Credit Card switching please???

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  • 24-03-2014 12:06pm
    #1
    Lexxie
    Registered Users Posts: 71 ✭✭


    Hi guys could do with some advice please, have a credit card with AIB and I owe 8,000, i'm finding it hard to make the repayments on it, the interest is a killer. See some Banks now are offering 6 months free interest, was wondering should i try this and pay off as much as I can. I would be grateful if anyone could offer me some advice. Thanks.


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    #2
    DiscoFever
    Registered Users Posts: 16 ✭DiscoFever


    Would you consider Credit Union Loan or Bank loan?

    I had Danske Credit Card for €8000 and have just got a credit union loan to clear it off. I didnt try switching to another credit card as I felt I just needed to get rid of it. I intend over-paying the CU loan montly and hopefully clearing it down quicker. I feel like a weight has been lifted! I will never get a credit card again, visa debit all the way for me now lol


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    #3
    Lexxie
    Registered Users Posts: 71 ✭✭Lexxie


    Think I will try that to be honest makes more sense, what kind of repayments are they looking for on a 8,000 loan and over how long if you don't mind me asking.. Was it difficult in the getting the loan from the credit union?


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    #4
    DiscoFever
    Registered Users Posts: 16 ✭DiscoFever


    Repayments are €202 per month over 4 years but I hope to over-pay and clear quicker.
    It wasnt too difficult getting the loan as I had €3k in shares. I'm so glad to be rid of it, as I just seemed to be getting nowhere trying to pay it off, totally my own fault though, irresponsible spending habits!


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    #5
    Ogham
    Registered Users Posts: 1,844 ✭✭✭Ogham


    DiscoFever wrote: »
    Repayments are €202 per month over 4 years but I hope to over-pay and clear quicker.
    It wasnt too difficult getting the loan as I had €3k in shares. I'm so glad to be rid of it, as I just seemed to be getting nowhere trying to pay it off, totally my own fault though, irresponsible spending habits!

    Why did you not just use the 3k towards the credit card debt ?


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    #6
    DiscoFever
    Registered Users Posts: 16 ✭DiscoFever


    The loan is secured on the shares. And as Danske bank are closing down and I needed to pay off the card by end of April, there is no way I would have another 5k lying around.


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    #7
    Lexxie
    Registered Users Posts: 71 ✭✭Lexxie


    DiscoFever thanks for the info and advice!


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