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Debt and Equity - what to do?
henryhallsdanceband
Posts: 24 Forumite
in Loans
I've got the UK ave+++ debt on CCs, personal loans, overdraft etc etc. I also have about £250K equity in my property. Half of my £140K mortgage will be paid off (hopefully) in about 4 yrs time - the rest way down the line. Not sure where to start looking to make best use of the equity I have to reduce my current monthly costs on my debts.
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Comments
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Remortgaging is not always a good idea unless you are resolved to not take out any more loans and cut up your credit cards. Otherwise you may find in two years you are in the same position with a loss of equity from you property. Have you looked at the articles regarding balance transfers etc on this site to ensure youre aware of the best deals? Consider posting your statement of affairs on the debt free wannabe board and you might see where you can cut down on your spending and clear the debt faster.0
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