We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
remortaging and paying credit card debt, please help
weebubbles
Posts: 80 Forumite
Hi, my current mortgage deal ends next april. is it a good idea to take out extra money and pay off some of my credit card debt. also I am able to take a 6 month payment holiday, I could pay off £2500 of credit card debt with this, is this a good idea?
0
Comments
-
I don't think anyone could give you useful advice unless we know a bit more about your current situation. Are you struggling at the moment? Do you have significant equity in your house? How much do you owe on the cards at the moment, and what APRs are you paying?
The first place to start is probably to do an SOA (statement of affairs = budget), at somewhere like this http://www.makesenseofcards.com/soacalc.html0 -
I would avoid putting unsecured debt onto your mortgage at all costs, you will ending up paying loads more interest. If you miss credit card payments you can get CCJs against you etc, miss mortgage payments and they can take your house... Not recommended.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.5K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.5K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.4K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards