Paying Off Credit Cards

Chrissie-G

I have three credit cards which I am desperate to pay off. What is the best way to get them paid off as quickly as possible, should I try and get a loan ?

I have recently returned to work after being unemployed due to ill health. I have had problems with making payments in the past but I am trying my best to get up to date with my payments. One of my cards has passed me to a debt collector. I am behind one payment with one card and up to date with the other.

Please help !

TFD_2

If the account has been passed to a DCA, then it's likely to be marked as a default - if so then you've sod all chance of getting a loan. The late payments and break in employment will also cause problems.

You're probably better off negotiating payments with the card issuers / DCA - you might be able to get the interest rate dropped / frozen if you agree a repayment plan - this will also get the cards stopped so you can't use them to increase the debt.

benf90

If you've had a debt passed to a collection agency and problems with missed payments then you may find it difficult to get a loan at all, especially at a lower rate than your cards.

You're probably best heading over to the Debt-Free Wannabe section of this forum as there's plenty of posters over there that have been in your situation.

In terms of which debt to clear first this guide may be of use, if you're catching up on your payments:

http://www.moneysavingexpert.com/cards/cut-credit-card-interest