debt advise

scott86

I am a recent graduate and just landed my first job.

Debt Details..

£3500 MBNA CC rate (i guess monthly) 2.2071%
£4000 Barclay card 19.90% APR but a good bit of it must be at cash rate of 29.90%
£1250 student intrest free overdraft (intrest free till november)
£500 Smile cc 16.9% APR
total = -£9,250

I can afford to pay max of £400-500 pounds per month towards this debt.

can somone work out roughly what it will cost me in intrest and the timescale at a payment of £400 per month.

any advise on the best way to go about dealing with this? Should i try and consolidate? or will it not make much difference?

Can anyone recommend where to try for a 10k loan at good rate?

i dont no if i will get a loan with my credit history it used to be good but has gone downhill in the past 2years with missed payments etc.

Any help appriciated!

cheers

NorthernLas

You can convert the monthly rate into an annual using http://www.makesenseofcards.com/mon2yr.html

Use the snowball calculator to work out what to pay off first http://www.makesenseofcards.com/snowcalc.html

Consolidation is generally bad, since there is temptation to continue to spend on the cards. The amount of credit you will get is dependeny on salary and how much credit you have already.

DarkConvict

Assuming £400 a month, and that your interest rates do not increase, no charges are made, and you incur no more debt, £5 min payments per debt.

The fastest you can do it is.

"It will take you 29 months to pay off these debts if you snowball correctly. During that time, you'll pay £2,237.00 in interest."

Realisitcally, min payments would be higher and the student loan is going to get charged interest so i would guess closer to 3 years (36 months) to finish.

DarkConvict

Also, do not consolidate, read this example - http://forums.moneysavingexpert.com/showpost.html?p=32046475&postcount=6