Relapse - Advice Needed

Devo

Hello!

I used to frequent these boards some time ago, but haven't logged on for ages.

Just posting as I need some advice on my current financial situation.

I am thinking of getting a loan to pay off my 2 credit cards, thus consolidating the debt and reducing the interest paid.

My current situation is as follows:

Salary - £43,550
Egg Money Card - £2000
Egg credit card - £3000

I used to have an Egg loan which I paid off and suited me brilliantly as I could overpay and make lump-sum payments etc, but their current rates look extortionate.

Any advice?

Flower08

Hi. could you post an SOA and perhaps some people could help you with getting rid of these debts.
You are definatly in the right place!

talliedebtbuster

Hey there, ive had the same feeling today and am sorting out everything, Good luck to you we are all here to help.

Put you're SOA on here first. The best advice i can give is take advantage of everything....any freebies, loyalty cards, coupons, free events anything! You will be amazed how much you will save..i am now determiind to take my own advice too!!

Pollycat

Hi Devo
It's hard to know what to advise with the info you've provided, so here's a start for your SOA:

http://www.makesenseofcards.com/soacalc.html

Regards

Fortheloveofmoney

As you've been around before you just know that the vast majority of us are going to say nooooooooo to consolidation

Can you apply for some 0% cards and balance transfer to save on interest? Just pay the minimum monthly payments. That would be my first move.

Second move would be to throw as much money as possible in to a savings account (try to find one with a reasonable rate that doesn't tie you in) so that you can pay the CC off at the end of 0% period or as much of it as you can anyway.

If you can't get 1 card that will have a high enough limit then just move as much as you can and then concentrate on paying the card with the highest interest rate.

Fortheloveofmoney

Also i should have asked whether you knew the reason for the relapse. You need to know what went wrong so that it doesn't happen again.