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advice - loan or credit card?

Dear all,

I currently have 4 credit cards to the tune of £15000. I pay off the minimum on each every month which combined comes to £350 every month.
I feel i am making no headway and i feel i will be doing this for a very long time.
I switch cards every 9 months or so to be at 0% interest.

Should i keep doing this or bite the bullet and get a loan? It seems a lot of hard work at the moment and i can't see when i'm going to be debt free?

thanks

Croydon

Comments

  • talana
    talana Posts: 1,077 Forumite
    Hi Croydon,
    If you have all the debt at 0% interest at the moment, then you can't beat that. So how would a loan help - you'd be paying interest then for sure? That £350 is coming straight off your balance at the moment.

    If and when your 0% deals end and you can't get another, then the equation may change.

    Break it down for us
    - what's the debt on each particular card?
    - and the minimum payment on each?
    - and max credit limit on each?
    Maybe you can shuffle things a bit.
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