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  • FIRST POST
    • Smalldebtdealingearly
    • By Smalldebtdealingearly 12th Feb 18, 11:04 AM
    • 1Posts
    • 0Thanks
    Smalldebtdealingearly
    Credit card to consolidate??
    • #1
    • 12th Feb 18, 11:04 AM
    Credit card to consolidate?? 12th Feb 18 at 11:04 AM
    Hi all!!

    My debts are quite small in comparison to most but I want to try and deal with them now before it gets out of control. The problem is I have no idea what I'm doing!!

    I currently have an overdraft of 1500 and (stupidly) have to get pay day loan every month. I currently owe them 700. Plus I owe a couple of people a few hundred.

    I am now in a position with work where I will be earning more and able to get myself straight. I want to be debt free by the end of this year!

    Ideally I want to consolidate everything so I have one payment each month and I know where I am with it all. I was thinking a 0% credit card rather than a loan ..... has anyone done this before?

    I'm worried about getting stung by hidden interest costs or fees with credit cards!!
Page 1
    • zx81
    • By zx81 12th Feb 18, 11:11 AM
    • 15,545 Posts
    • 16,497 Thanks
    zx81
    • #2
    • 12th Feb 18, 11:11 AM
    • #2
    • 12th Feb 18, 11:11 AM
    You're massively unlikely to get a 0% card with payday loans and living in your overdraft.

    Go to the DFW boards for advice on cutting costs and paying back faster.
    • dresdendave
    • By dresdendave 12th Feb 18, 4:38 PM
    • 711 Posts
    • 849 Thanks
    dresdendave
    • #3
    • 12th Feb 18, 4:38 PM
    • #3
    • 12th Feb 18, 4:38 PM

    Go to the DFW boards for advice on cutting costs and paying back faster.
    Originally posted by zx81
    I second that.

    Earn more and/or reduce outgoings equals more cash available for repaying debts. Work out which debts are costing the most in fees/interest and focus on those first.

    You won't borrow your way out of debt.
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