small loan?

chelle49

i currently owe £1500 on credit cards and £800 overdraft. i'd like to pay these off asap. is it worth taking out a small loan or should i get another credit card to pay it all off?
many thanks

Fang_3

Post your SOA and you might be able to avoid having to take on more debt. Which is never the answer and nearly always a very bad idea.

Mikeone

Hi

It depends on the amount of interest you're paying on the cards/OD and the level of interest on any loan you could get. How many credit cards do you have?

chelle49

soa? sorry new to this!!!

chelle49

mike1- have 1 credit card £1000 and 1 store card £500

chelle49

credit card 0% until sept 2010
store card 18.9%

Fang_3

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

Fill that in fully and then post it here. Hopefully you won't have to get into extra debt to pay these off.

Mikeone

chelle49 wrote: »

credit card 0% until sept 2010
store card 18.9%

With that in mind, you're not going to get a cheaper way of paying off the £1k with a loan. Better to find another solution. At 18.9% the store card must be the priority, but we'll be able to offer more detailed advice if you post an SOA.

Follow Fang's link and fill in the details. We should definitely be able to help you out with a solution!