Best Option???

woody08_2

Hi

I get paid about £950 a month, but i got myself in an £800 overdraft which i cant get out of now. I also have a £900 credit card that i pay off minimum payments every month, i also have a £200 store card which i also pay off minimum payments, the charges on the overdraft, credit card and store cards are more than im paying off each month. Im also learning to drive and was gonna get a loan to get a car, get insured etc, so ideally i'd like to get £5000, to pay off the overdraft, credit card, store card, then finish learning to drive, get a card and get insured for a year... Ive looked into this and i can pay £225 for 24 months and be done with it....

can anyone advise which would be better, a credit card for £5000 or a personal loan for £5000?? also i dont get the balance transfer stuff, could some one please help im confused and need to get it sorted....

Thanks

Wutang_2

Why don't you spend 10 months paying off your debt first?

izools

woody08 wrote: »

Hi

I get paid about £950 a month, but i got myself in an £800 overdraft which i cant get out of now. I also have a £900 credit card that i pay off minimum payments every month, i also have a £200 store card which i also pay off minimum payments, the charges on the overdraft, credit card and store cards are more than im paying off each month. Im also learning to drive and was gonna get a loan to get a car, get insured etc, so ideally i'd like to get £5000, to pay off the overdraft, credit card, store card, then finish learning to drive, get a card and get insured for a year... Ive looked into this and i can pay £225 for 24 months and be done with it....

can anyone advise which would be better, a credit card for £5000 or a personal loan for £5000?? also i dont get the balance transfer stuff, could some one please help im confused and need to get it sorted....

Thanks

Your best bet would be to work out how to manage money before making any more financial commitments.

You need to concentrate on clearing your existing credit facilities before taking out any additional expense like learning to drive. That is a luxury that comes after you've paid your way through your creditors and utilities.

Robbing peter to pay paul will not resolve your problem - your debts have arisen through managing your money ineffectively and that is the issue that needs to be tackled here.