debt consolidation

mazza7103

any advice please. i have the following debts. i'm considering getting a loan from a credit union as it will be a lower apr as i dont feel i'm getting anywhere fast with my current loans.

very. owe £3500 at 39.6%
capital 1. owe £600 at 34%
virgin. owe £3500 at 29%

the credit union loan is 12% apr. what do you guys think?

Tremour-88

If you could get the credit union loan go for it, if not you shout just pay min. payment to Virgin and Cap 1 and overpay as much as possible to Very

DCFC79

Tremour-88 wrote: »

If you could get the credit union loan go for it, if not you shout just pay min. payment to Virgin and Cap 1 and overpay as much as possible to Very

This is because you pay off the highest apr to get rid asap

Tixy

If your credit union will allow that size of loan, and you can afford the monthly payments then it certainly sounds like a much better deal.

tell_it_how_it_is

A no brainer if you can get the credit union loan, but do make sure you use it to zap all of (or as much as possible off) those debts.

If not, I'd do as above with a slight difference, in that I'd pay off the Capital One asap, seeing as it has a lower balance and a rate not too far off Very's. Only for the reason it might be a good psychological boost to reduce from three debts to two. Not forgetting to cut the card up too. Good luck.