sorting my finances

clint427

Hi all,ive decided to take a look at my finances after sitting back and ignoring for a long time in an attempt to make some savings,below are my debts

£52000 mortgage,taken out 2 years ago with hsbc,tracker
£5000 on an alliance and leicester credit card,ive just applied for and got barclaycard and capital one cards to transfer £2000 on to each(credit limit only allows £2000 on each)
£1000 on an egg card
£5000 northern rock loan,taken out in dec 2006 over 84 months
£2000 northern rock loan,taken out in feb 2006 over 60 months

home is worth about £120000 at the moment

my thinking is to go back to hsbc and borrow an additional £15000 against my property to clear my loans and cards but cant decide if this is the best answer,my income at the moment doesnt really allow for much spare cash every month to put towards paying the credit cards off, im a self employed electrician and work is slack.
any advice would be much appreciated,im 35 years old if that helps!

Numpty_Monkey

Hi clint:hello:

Welcome to the boards
Most people on here will say don't do the 2 things your thinking about
Don't turn unsecured debt int a debt on your home
Don't consolidate
and i'm one of them

Post your SOA on here
http://www.makesenseofcards.com/soacalc.html
use that link, the clever ones will go through it and see where savings can be made, and give them more to go on

clint427

ok thank you