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Advice on Credit Cards
voyagerweb
Posts: 38 Forumite
Hi
At the moment i dont consider myself too much in debt that i cant pay it, however, i dont want credit cards because they just encourage me to spend.
Is it worth replacing my credit cards with one loan from a bank (they have offered it to me at 5.7% and £116 p/m. I calculated that at the current rate i would pay back that in 7 years.
With my CC on the other hand at a "nice" balance of £8000 i would be paying around £130 p/m and it would take around the same if not more time to pay iit off, but as i say i usually keep adding things to it.
Advice is much appreciated
At the moment i dont consider myself too much in debt that i cant pay it, however, i dont want credit cards because they just encourage me to spend.
Is it worth replacing my credit cards with one loan from a bank (they have offered it to me at 5.7% and £116 p/m. I calculated that at the current rate i would pay back that in 7 years.
With my CC on the other hand at a "nice" balance of £8000 i would be paying around £130 p/m and it would take around the same if not more time to pay iit off, but as i say i usually keep adding things to it.
Advice is much appreciated
0
Comments
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The problem with that is that is will you be disciplined to cut up the cards and not do it all again after taking out a consolidation loan? I wasn't and this is why I am in the mess I am in now!
How about a 0% card and then chop it up, chop them all up and close the cards that are no good or have the higer APR? Just a thought
:heartpuls CG :heartpulsEver wonder about those people who spend £2 apiece on those little bottles of Evian water? Try spelling Evian backward.0 -
any (non mortgage) debt that takes 7 years to pay back is a serious debt.
better to post a SoA here and see whether people can identify some savings to help pay the debts sooner.0
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