Instead of a personal loan, you could use a 0% balance transfer card to transfer credit card debt and pay no interest for up to around 28 months. Balance transfer credit cards typically charge a balance transfer fee of up to 3%. It is also possible to pay off existing debts by transferring money to your bank account using a money transfer credit card with typical fees of 4%.

Remortgaging and secured loans

If you have a mortgage already, you may be able to borrow money to pay off your debts by remortgaging or by taking out a secured loan. See the Guide to Remortgaging and our secured loans page to find out how they work.