I have an account with the LLoyds TSB and have a Mastercard / American Express card - things are very very tight at the mo and i currently owe £3500 on it and the re-payments are extortionate. I have heard about getting another credit card to pay this off - a credit card with 0% interest?? Is there such a thing.

I am already paying off a £25,000 loan with the TSB so couldnt get a loan to pay it off.

By March next year i will be in a much better financial position and look to be approx £300 better off - whether i feel it or not is another thing...

My husband and I are both self employed but are finding things very hard at the mo, I am looking at the possibility of selling my business next year and could get 7 to 10 thousand for it...

But in the meantime I am very desperate and would love and recomendations and help.. is the credit card idea a good one and if so which would you recommend - my re-payments at the mo are £96 per month and i am struggling to keep up with them.

I really look forward to your responses.. by the way I have cut up the cards now I was just desperate at the time.

Thankyou

If you couldn't get a loan, it's possible that you wont get another credit card. But there are cards which charge a 3% or so transaction charge and then no interest for several months on balance transfers from other cards before changing to their full interest rate (if you don't pay it off or transfer it somewhere else that is). This wouldn't necessarily reduce your monthly payments but it would mean that the debt would be reducing every month by whatever the payment was.

If you click "money" at the top you can search through some of the cards that are offering balance transfer deals at the moment.

Thankyou for your reply - I really am lost when it comes to APR, Credit Cards etc... from looking on the website it would seem to me that a Virgin Credit Card would be the most helpful??

- what do you think and how would it work?

thanks for your reply, from looking on the website it seems like the virgin credit card would be my best bet?? I am lost when it comes to things like this as hard as I try I just dont understand them, I feel I am in such a pickle and dont want to get into a deeper one.. would this be a good idea and how would i go about it and what would happen.. sorry to be a pain but my sanity is at stake!

Yes, just click the "proceed" button next to the card that you fancy and follow the instructions. If you get the card, look at your credit limit and phone up Virgin to ask them to transfer £x from your other card to the Virgin card. You should also make a note of when the promotion ends so that you can try and pay things off or do another transfer by then. They wont remind you of this date, they will just stop charging 0% and start charging 16.6% (or whatever their rate is at that time).

If you didn't get the Virgin card, it's best not to apply for lots of other cards as that goes onto your credit record and it makes it look as though you are desperate.

Egg card is worth your consideration, 0% interest on balance transfers until Dec 2009 with a 3% fee of the transferred amount.

http://www.egg.com/visitor/0,,3_84106--View_1763,00.html