Advice: Loan or Credit Card

fatfigo

Hi all,

Just wondered if any of you could offer your advice on my next steps to pay-off some debts.

Recently found out that we (the family) owe about £10k on credit cards and are overdrawn on a current account.

Firstly all cards have been collected and are being held prisoner in a secure lock-up, away from spending fingers.

option1: take out a balance transfer to a credit card and keep moving until debt paid-off.

option2: take out a loan and pay-off approx - £300 per month for 3 years (interest approx £1.2k)

Re: the overdraft, not sure how to proceed - i suppose arrange a meeting with the bank and see how we can reduce the debt.

Sorry for asking such a boring question, but could really do with some sound advice, as i'm trying to protect myself and the family from hardtimes ahead.

Thanks for listening
fatfigo

deneelmark

In 1990, a huge increase in personal bankruptcies. It should come as no surprise. 1990 brought the beginning of the recession and unemployment all-time high.

fatfigo

deneelmark wrote: »

In 1990, a huge increase in personal bankruptcies. It should come as no surprise. 1990 brought the beginning of the recession and unemployment all-time high.

Thanks for the note - but was hoping someone maybe able to offer some advice. cheers