Binning credit cards and consolidating debts

Jo-ann_Hodgson

Hi,

I'm a journalist writing for Cornhill's Family Finance E-book. I'm looking for a case study of a family who have binned their credit cards and consolidated debts to get a handle on their finances,

If you, or anyone you know can help, please e-mail me on [EMAIL="jo-ann.hodgson@icrossing.co.uk"]jo-ann.hodgson@icrossing.co.uk[/EMAIL] .

Kind regards,
Jo-ann

NickX

See my reply to the thread below :

http://forums.moneysavingexpert.com/showthread.html?t=1091361

Debt Consolidation loans seem a good idea because you have all your debt in one place and only have to worry about a single monthly payment.

But in reality you are likely to pay much more in interest than if you are able to manage separate credit card accounts in parallel - especially if you can utilise 0% deals on those cards.

nomoneytoday

Why would anyone do that?
Snowballing = good, consolidation = bad.

NickX

Mozkowitz, I agree with you, people see the single monthly payment on a consolidated loan as an easier option, but in reality it is very unlikely to cost you any less.

Martin's snowball approach is much more sensible IMO.

sdooley

Is that Cornhill the insurer? Subsidiary of Allianz, parent of one of Germany's biggest banking groups?

Looking to sell consolidation loans in the UK?