New Debt-Free Wannabe

23s

Hi everyone , I'm looking for a little advice .

I'm looking to pay off all of my debts :money: , I currently have a £1000 loan over 60 months , two £1500 credit cards , one £200 and a £300 overdraft all near the limits . The loan has had about eight months payments I think .

I've checked my equifax and everything is satisfactory .

Well anyway, the advice I'm looking for is regarding that at the moment I'm paying around £100 a month, which I'm sure is mostly all interest ! What can I do to pay less interest perhaps consolodating or something ? Also worth mentioning, I can probably afford to pay double or more than the £100 a month I'm paying at the moment.

Kind regards

peb

Please do not consolidate - that is the road to ruin!

It seems that you are simply paying the minimum payments? If this is the case you need to sit down and look at the interest rates on your debts. YOu can then decide who to target the additional monies you have at - once the loan is repaid you can then target the exrta payments. At the moment because all you are doing is paying interest you are in effect treading water!

It may be possible for you to "Stooze" ie change some of your credit cards to life of balance or nil interest but I am unsure as to what is available at the moment - maybe have a look on teh appropriate boards. If you do this though it is importaant that you do not spend on the cards.

HTH

23s

Thanks anyway but ideally I'm looking to lower my high interest rates possibly by consolodating or balance transfering .

This in reply to loaner

Bargainfinder_3

imho it's much better to balance transfer than consolidate.
Can you post all the details of your overdraft and cards, i.e APR/Minimum payments, how much you pay off them, how much is interest etc?

When we had our lbm, we rang our cc holder (hsbc) and said we were going to transfer to another card, and they put us on hold and then offered us 5%APR instead of 27% for the next 12 months... so worth just picking up the phone, ringing them and seeing what they can do for you?

If you post more information, I am sure there are more knowledgable people who can give advice.

I agree with peb though, you need to ensure you wont be spending on the cards again, otherwise you'll get a good deal which will just jump to high interest again after a time period, and be worse off than when you started.

Take care
Bfx