HELP - Shall I get a loan to pay of my credit cards?

Vicki_Y wrote: »

Would I be better off getting a loan to pay off the balance on all my credit cards in one go (consolidating the debt into one monthly payment)? And if so, which loan should I go for?

Definitely not at present.

3 of those 4 cards are on 0% interest. You won't get 0% with a loan.

So, at the moment, you just need to try and get the MBNA card on a better deal.

Of the 0% cards, have you cany available Credit Limit ? If there is (and I wouldn't have thought that they would all be maxxed out) then get as much of the MBNA debt over to 0% as you can using Balance Transfers.

The debts on 0% until June 2009, just keep paying the Minimum on.

The debt until December 2008, also pay the Minimum on but try and get another 0% card ready to Balance Transfer the debt to before the promotion expires.

Then whatever is left on the interest accruing MBNA card, pay as much as you possibly can afford to get this debt reduced as quickly as possible.

You are not in that bad a position as much of the debt is on 0%. I honestly think a debt consolidation loan would be crazy.

Just monitor the accounts carefully and make sure all your payments are made on time, because you don't want to lose any of those 0% deals.

Good Luck.