Need Some Advice

kurupt39

I have two credit cards

75 quid on a 29.9 percent interest card (paying 20 a month)
630 quid on a 17.9 percent interest card (paying 50 a month)

i want to know will it be worth balance transferring onto one account or leaving it.

I also have a loan of 4000 (paying 191 a month)(29.9 percent apr) over 2.5 years. In month 6 of the loan so its about 4852 left to pay.

themull1

should you not use the lesser interest rate credit card to pay off the 75 quid, then try and get a zero percent credit card? your loan is very expensive, could you try and get a cheaper one?

kurupt39

the loans with the halifax and am 24 years old so i think thats why its so high. Its over a short term of 30 months. Also the two credit cards are with them.

The advisor there said to leave them there or do a balance transfer, then the blance will fly down.

I am trying to save to make a full and final payment with my loan however I dont know whether or not to apply for another loan, or to wait till I can do and pay it off with my credit card when I can when my credit limit goes up to 2000 pounds in 6 months.

stephane_2

You cannot pay the loan with your credit cards...so forget about that. You need to pay off the card with the highest interest first, it does not make sense for you to pay less towards the card which has 29.9%....as to the question of having another loan to pay off this one will all depends on your income as you are basically asking a lender to give you another £5000 more or less which they would see as adding to your debt

kurupt39

So the best thing really would be to clear the small credit card then throw in as much money as I can afford to the 600 one.

what about another loan to pay off my existing one do you think thats possible or will it be hit and miss.

stephane_2

Yes you need to pay off the card with the highest interest and then as much as you can afford on the other afterwards....as for the other loan, what is your annual income, total of debt and limits on the cards??

kurupt39

loan is for 4000 (29.9 percent apr) at 191 a month

card 1 is 630 approx (17.9 percent apr) avail balance 1500, pay 50 a month - min payment is 15 quid a month

card 2 is 75 approx (29.9 percent apr) avail balance is 500, pay 20 a month - min payment is 6 quid a month.

income is 15k

kurupt39

oh i forgot to add i also send a gheque each month that pays the min payment so my cards at 50 plus the min and 20 plus the min.

stephane_2

You will find it difficult to get another loan as for a lender point of view you have roughly £6800 in debt and could have a potential £8000 worth of debt if you were going to use all your available credit, which would be considered as too high compare to your annual income. If you ask for an extra £5000 to pay off the actual loan that would bring that total to almost £13000 which is over 80% of annual income.....

kurupt39

So the best advice is to persist and carry on paying and just throw as much into my cards as possible. would you agree

stephane_2

Yes it would and if possible not to spend anymore on them and use the money you use to have to pay CC to contribute to pay off loan early, maybe by opening a saving account and when you have enough pay off the balance of the loan. Might be good checking also if you are allowed to over pay your loan....