Over £10k on credit cards and others

pawel_2

I have at least £10k on various credit cards and another £2-3k from various small loans and overdrafts. Being on the edge of lossing my current job made me realise that I need to do something quick.

What would be the best option to consolidate it? I was wondering if I can borrow a bit more under my mortgage. After all most of this debt comes from furnishing and fixing my first home which I bought around 6 months ago.

GeorgeUK

Consolidating will often cost more in the longrun as many loan APR's are not low enough to give you a good deal. If you are struggling to pay, you could look at 0% promotional offers or life of balance (LOB - low interest) cards. Transferring high interest rates to these cards will alow you to pay off the debts quicker without increasing the amount you are paying towards your debts. You are basically putting what you would pay in interest towards the debt. Cards like the virgin money are currently doing good 0% deals as well as a set minimum payment of £25 for 2nd - 15th months.