i think the recession finally hit us hard.

jpwhittle

I know it hit alot of people along time ago and we have been fortunate that my husbands job isnt at risk but i think this week the resesion finally killed our credit rating.

after being stupid and getting ourselves into alot of debt we wised up and was tarting with our credit cardss as thats were all our debt was, well all my interest frees are up this month so of we went to change again and guess what we got refused all the time. So we decided the best way forward now is to get a loan that is less interest wise and gives us a definate date to end this mess, it also means that even cutting the term of our debt by years we are £50 a month better of wich is great. biggest shock was when a bank turned a loan aplication down because we got turned down for credit cards.

What are the chances of this fixing itself in 5 years? oh well at least we can end it all now and know when our money is finally ours.

BEAT_THE_DEBT

i WOULD NOT APPLY FOR ANYTHING FOR SIX MONTHS TRY TO PAY OFF SOME OF THE SMALLER AMOUNTS TO HAVE SETTLED AND CLOSED ACCOUNTS AND TRY AGAINX

In_my_dreams

Have you got any card with a 0 balance on them? I often get repeat interest free or reduced rate offers and so far have used this to move money around? Have you tried ringing up the Credit Card companies and asking if they could offer a better rate - they could only say no?

Of course, it also makes you realise that CC's are still debt and need paying off, I have recently come to that realisation.

Have you tried the snowball calculator to see how quick you could pay it off?

BeautyandtheBeast_3

Try ringing any cards you have up and see what they maybe offering. but dont apply for anything for at least the next 3 months.xx

jpwhittle

yeah did all the above but just wasnt getting anywere, so in the end the loan seemed the best option as all the cards were high and would take alot longer than the 5 years to pay of, looks like we made a mistake but it feels right now and it should stop the argumants by frreing up cash and giving an end date to the mess, everything can be cut up at the end of the week and i know were i am and hopefully wont be getting divorced

hopefully now we can save some as well and pay the loan of early wich would still have cost us less in the long run than the credit cards, i now never want to see another credit card for the rest of my life

BeautyandtheBeast_3

jpwhittle wrote: »

yeah did all the above but just wasnt getting anywere, so in the end the loan seemed the best option as all the cards were high and would take alot longer than the 5 years to pay of, looks like we made a mistake but it feels right now and it should stop the argumants by frreing up cash and giving an end date to the mess, everything can be cut up at the end of the week and i know were i am and hopefully wont be getting divorced

hopefully now we can save some as well and pay the loan of early wich would still have cost us less in the long run than the credit cards, i now never want to see another credit card for the rest of my life

I know that feeling!!!!!!!!

jpwhittle

lol thanks, glad im not alone