Help! Transferring balace v consolidation

marcuslondon1

I have nearly £4000 in credit card debt and live in my overdraft.

I think despite this i have a good credit rating as I always pay on time. Hence why I live in my overdraft I imagine.

I have been paying the minimum on these cards for years, but not going anywhere due to lowish paid job and living in London etc.

Want to sort out my finacnes this year. Should I consolidate my debts (even thought eh loand repayments are exactly as much as I pay each month on minimum charges anyway. Or try to transfer the balance.

ironlady2022

If you are in your overdraft, your credit file will pick this up. And although you pay on time, you may not be able to get credit elsewhere due to not having any disposable income.

Any

marcuslondon1 wrote: »

I have nearly £4000 in credit card debt and live in my overdraft.

I think despite this i have a good credit rating as I always pay on time. Hence why I live in my overdraft I imagine.

I have been paying the minimum on these cards for years, but not going anywhere due to lowish paid job and living in London etc.

Want to sort out my finacnes this year. Should I consolidate my debts (even thought eh loand repayments are exactly as much as I pay each month on minimum charges anyway. Or try to transfer the balance.

One question is whether you can get another credit.

If you can-then even though loan might have the same monthly repayment, you will be paying off interest as well as capital amount so the debt will be actually gone.
In comparison to the current situation where I gather from your postyou are only paying off interest and the actual debt is still there.

jonesMUFCforever

Have a word with your bank to see whether they will offer you the loan.
You do know though that this will only work if you do not run up more card debt and stay out of your overdraft.

You need to make a detailed statement of affairs showing exactly where your money goes - then post it on the debt free wanabe board.

marcuslondon1

Thanks Jones mufcforever. What's the debt free wanabe baord?

Any

marcuslondon1 wrote: »

Thanks Jones mufcforever. What's the debt free wanabe baord?

This is Credit card board.
There is more boards on this forum.

Right hand side top - expanding bar - find and pick "Debt free wannabe board".

There is lots of experts there who are trying and helping people to get out of debt, starting with having people make a list of their income and listing out every bill and looking for savings, such as what you actually need vs are willing to sacrifice or change providers to lower your bills.. etc..