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Trying to get out of the debt hole!

LeahJessica_2
Posts: 1 Newbie
Hi,
Have fallen to victim to a few classic mistakes (more than once)
.
Currently owe:
£1500 overdraft
£1500 parents
£3000 0% credit card till Nov
£2000 Mastercard (with an extortionate interest rate)
What should I do? I am trying to decide on the best option;
Do I apply for a loan to cover everything
Do I tranfer as much as I can to the 0% cc (can I transfer overdrafts/parents debt???)
Apply for another cc with a low interest rate for the lifetime of the balance?
I realise it's a lot of money and I won't necessary qualify for that much credit on one card?
Don't know what to do for the best...
Have fallen to victim to a few classic mistakes (more than once)

Currently owe:
£1500 overdraft
£1500 parents
£3000 0% credit card till Nov
£2000 Mastercard (with an extortionate interest rate)
What should I do? I am trying to decide on the best option;
Do I apply for a loan to cover everything
Do I tranfer as much as I can to the 0% cc (can I transfer overdrafts/parents debt???)
Apply for another cc with a low interest rate for the lifetime of the balance?
I realise it's a lot of money and I won't necessary qualify for that much credit on one card?
Don't know what to do for the best...
0
Comments
-
You could try asking your Mastercard provider to reduce rate - tell them you are considering a 0% balance transfer (don't specify any cc name).
Consolidation loans are not always a good solution.I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.
HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7
DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS0 -
Hi
Best bet transfer the balance from Barclay card to a zero percent intro rate card if you possibly can.
What is the limit on the current zero percent cc?? if there is room to transfer some from the Barclay card, get it on there.
Steer away from consolidating the debt, could end up costing you more.
Try this calculator, you may find it useful, it works out the order in which you should concentrate on paying your debts off - it shows the rollover method link to payoff calc0 -
the best option is to understand the reasons for the debt and to decude your spending and hence deduce debt
post your SoA here and see whether people can help
include full details of your debts , minimum payments and APRs
see for futher details
http://forums.moneysavingexpert.com/showthread.html?t=1072800
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