Best advice to get dept free : HELP!

Dikiminster

Hi, been reading the inspirational stories on this thread. Awesome. I am in dept to the tune of 5k, 2.5k on 2 credit cards. I recently applied for a loan to consolidate the dept, but ths was refused (by my own building society, NationWide. :-( ).

Has anyone got any advice of how I could best clear the debt, in the fastest manner? Would it be a good idea to transfer the debt to an interst free card? Could I even do this after being refused a loan?.Thanks for reading.

Tixy

hi

In terms of a new possible card - What is your credit history like? Do you have any other debts or credit accounts aside from the 2 cards?
Are you employed? are you currently paying off the minimum or more each month?

If you can't get another card then use the snowball technique - http://www.whatsthecost.co.uk/snowball.aspx to pay off as much as you can and pay the least amount of interest.

Dikiminster

Hi, no, no other debts. I am in fulltime employment and pay off as much as I can each month, which is always more than the minimum, but sometimes not by much. I plan to pay more by doing overtime more, if possible. Thanks for replying. :-)

Debt_free_by_2012

I would transfer it all onto one card preferably one that offers a 0% rate. If that is not an option then concentrate on paying off the one with the highest interest rate first, paying the minimum payment on the other. Once that one is paid off you can go to town on the other.
The best of luck.