loan vs credit card debts??

dinkylou

Just had a quick look at your SOA, but have you tried contacting Capital One and Citibank to see if they will increase your credit limit?

This way as these are LOB cards then you can transfer your more expensive debts (Monument and Tescos) to your cheaper LOB cards.

Then cut the other cards up and cancel.

This not only reduces the cost of the debt but also the no of cards you have and you ll have better chances of getting good 0% deals.

If you dont ask, you dont get.

lynzpower

Apologies, my sums are all over the place today, do ignore my calulations, all hours is right there is quite a lot of excess left

slowlinda60

Thanks again... all great ideas......am I right in thinking everyone is against the unsecured loan?

Also another quick question.. I have alot of store cards I dont use.. should I get rid of these? Are they hindering my chances of getting new credit cards? Thanks again

all_hours

slowlinda60 wrote:

Thanks again... all great ideas......am I right in thinking everyone is against the unsecured loan?

Yes, you would end up paying it back over at least 5 years and would pay a massive amount of interest.

If you put your current debts in the snowball calculator, you'll see that you could be debt free in under 2 years and the amount of interest you pay will be much less. That's without making any other changes. If you can juggle your existing credit around to lower interest and make a few cut backs to free up more spare cash, your debt free date leaps forward.

slowlinda60 wrote:

Also another quick question.. I have alot of store cards I dont use.. should I get rid of these? Are they hindering my chances of getting new credit cards? Thanks again

I think it does. It looks as though you've got all this spare credit that you're not using. It took me a while to get my head round this.