Loan or keep paying off??

SL123

I just wanted a bit of advice really, I have 2 credit cards, 1 with £1164 and one with about £500 outstanding on them. I am also paying off an over draft of £1000. I currently pay £100 a month into the overdraft and £50 each into the credit cards. Now I dont know wether to get a loan and just pay them all off or keep doing what Im doing, I have been given a quote of £193 a month for a loan so it works out I'll be paying out about the same a month, what do ya reckon?

paddyrg

Cut up the cards, carry on as you are, and when you've paid off the £500 card in 10/11 months, put the extra £50 onto the other one to accelerate clearing it. If you get a loan, you'll be tempted to keep using the cards, and we here all want you to get your dents clear :-)

talana

You don't say what apr's you're currently paying on each debt, or what apr this potential new loan would be. And without that info, there's not a lot more to be said.

But carry on as you are is reasonable course of action, with the proviso that you're paying off the most expensive debt first (and minimum payments to the others in the meantime)

DarnIt_3

If you get a loan it will free up money on the cards, which you will more than likely fill back up. Do not get a loan! Keep paying your cards.