Tryng to decide between 2 credit card balance transfer offers



I'd much appreciate any input/advice on this:

After buying a house for cash I find myself £7,000 in the red, which is on
a credit card. I've been offered a choice of 2 different balance transfer
rates on one of my credit cards: 6.9% (until paid off in full). or 0% (for
12 months). I can borrow just enough in this way, to cover the £7,000 which
I'm currently paying about 15% APR on.

But which offer should I choose? If I could be fairly sure that I'd get
another 0% offer soon after the first one expires, ad infinitum, I'd go for
the 0% offer.

But there is no telling what the future holds. 0% offers from CC companies
could become increasingly rare for some reason, before the coming 12 months
expires, couldn't they? If so, I'd probably be better off with the "6.9%
till paid off" option.

Having the 6.9% till paid off option would give me a little extra certainty
about wwhere I stand, in that I don't have to worry about where the next
offer might come from and what the rate will be.

There is another factor to consider. I currently have about 5 credit cards,
most of which I don't use, except in a small way, just to keep them alive.
Since I originally got these cards, I have been unable to work such long
hours due to a long-term disability. If the CC companies find out that my
income has diminished, they may lower the limits on my cards. If I become
unemployed altogether, they could do even worse. In which case, I'd be
better off going for the "6.9% till paid off" offer.

I'm thinking that if I go for the 6.9% offer, I can always switch it to
another card, should one of them offer me a lower "till paid off" offer. I
had such an offer back in 2006 or so that was only around 4.9%. But are
offers like this likely to come up again, bearing in mind the economic
climate we face in the coming year or two?

Obviously, the 0% for 12 months is attractive, because I'll pay off the
capital faster (about £350 more in the first year, I think). But there
seems to be perhaps more risk involved for the reasons I've touched on.
What do you think?

There is just a possibility I could raise enough cash to pay off the loan
at some point during the next year or two, but it's not certain.

Many thanks for any suggestions, insights or other input.



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