consolidate?

LookingAhead

By the way OP, I got my first loan at 18 and have "consolidated" just about every year since (I am now 35).

My lightbulb moment was last year when I realised I just couldn't go on like this and I faced a lifetime of paying debt. I owed more than I ever had done before with sod all to show for it.

Every time I consolidated I thought "This will be the last time...."

Clearly it wasn't.

Mrs_Sparkle

LookingAhead wrote:

By the way OP, I got my first loan at 18 and have "consolidated" just about every year since (I am now 35).

My lightbulb moment was last year when I realised I just couldn't go on like this and I faced a lifetime of paying debt. I owed more than I ever had done before with sod all to show for it.

Every time I consolidated I thought "This will be the last time...."

Clearly it wasn't.

I agree with everything you just said- and I'm also the same age as you. I look back on the days in my early 20s when I lost sleep over £1500 worth of debts and think why on earth did I panic and get a loan in the first place :huh:

LookingAhead

£1500! I know! These days I'd give anything (ok within reason! lol!) for just £1500 debt!

Jessiepig

I agree. We consolidated twice via our mortgage. Never again.
Its ok to transfer them to lower rates on interest though.
I am just a beginner though.

bikerqueen

Because you will pay more in the long run, and if you dont address your spending habits at the same time the chances are you will run the debt up again and have to pay that off as well as your loan.

lynzpower

SamPainter,

What do you think?

Lynz
xx

reallylost

Thanks for all the replies
I am reconsidering as we speak
I have just had my car voluntarily repossessed and because i have already paid a lot towards it i have only a little amount owing on that...saving £124 a month YAHOO!!
what is snowballing and how do i do it?
thanks
sampainter

In_Search_Of_Me

aww thanks...true though isnt it?! Much better this way than the old way! Even started COOKING!!!! and actually quite enjoy it!!

postingalwaysposting wrote:

*hugs fishface* you dont know how much this last line made me smile
:grinheart

In_Search_Of_Me

http://www.whatsthecost.com/
is where you can find out about snowballing - have to say I seem to be one of the few who dont - partly because of my existing loans that I cant repay early unless I get big windfall (any offers?!!) is just find it quite depressing but can be a helpful tool in seeing how long it can take you to pay things off.
One thing if you are still considering colsolodation - look at how much the interest will be. One of my loans (didnt notice when I took it out as in such a panic to make it ok) is over £8000 alone in interest. Cannot believe I was so incredibly stupid. I mean look what I could get for 8 grand, (new car, lovely holidays...) but instead I'm just giving it to a loan company! Know which one I would do now!! One thing though if you do consolodate dont take out a secured loan whatever you do....

Molanole

Like so many others on here I have lost track of the number of times I have consolidated. Yes you do get one "manageable monthly payment" to use the advertising speak but with a bit of organisation and determination you can find a way to stay on top of what is going out of your account WITHOUT consolidating.

It's only by finding this site, having my lightbulb moment and sticking with this site that I am managing it. But if I'd never found this place I wouldn't have understood that its only interest that you pay off first, not much capital, so by consolidating, consolidating and consolidating again I was paying off the loan equivalent of an interest only mortgage. Never again.

Like others have said, please don't, pop your SOA up and the brainy lot on here will help you find ways of cutting back.

Good luck!