2 Cards and 14k debt

thejacks

Hullo :think:
I am a newbie but have been lurking for a wee while. I have a problem with 2 credit cards that I hope you can advise with.... here goes....

There is 14k spread over 2 cards which I need to pay off asap. I am trying to work out whether to get a personal loan, extend mortgage or tart both cards. The other issue is that I think I need to do this in the next day or so as I am moving into another house in just under 2 weeks. I will have a tiny bit of extra income when I move as I have tenants for the current house.

The paying back of the the debt isnt the main issue, its just that I dont know the best way to do this Hard lesson learned Im afraid......
I would be grateful for any advice on this.

Cheers
The Jacks

bobbydrake50

The best way would be a 0% card but that depends on your debt to income ratio. If you ahve to go for a loan or mortgage you will obviously pay a lot more in interest...

ElkyElky

I don't think it would be wise paying it off with a loan or your mortgage. That'll just result in you paying Peter with Paul's money and won't reduce your debt amounts. If you can, try and get a 0% card as suggested from another member to save on paying some interest for a few months.

Head over to the debt free wanabe board. Members there will give you excellent advice on how to begin combating this.

thejacks

Thanks guys. So its def the tart card then...... I suppose I can do this with both then? I will go check out the debt free boards too!

SnowTiger

thejacks wrote: »

Thanks guys. So its def the tart card then...... I suppose I can do this with both then? I will go check out the debt free boards too!

I think it's highly unlikely (impossible?) that you'll get one, or more, new credit cards with a limit totalling £14,000.

Things simply don't work like that now. The good times are gone, at least for the time being.

And a loan is probably out of the question too. Loan providers will see that you currently have debts of £14,000 and are unlikely to be willing to lend you another £14,000 (as they would see it) on top of that.

thejacks

Hullo So last night I transferred 7 to barclaycard and today have to call rbs to see if they will take the rest of the balance as a transfer. Fingers crossed. I think I am starting to see the light finally. I am going to sit down and do the SOA and really give myself a good hard kick up the bohookie! But just feeling a bit more positive is something if nothin!