Best way to clear debt - card or loan?

Kalee

Hi

Just wanted some advice really please.

I have a combined debt of £17,500 from mine and my partner's credit cards (she is not working as she has been suffering from long time illness). I am in full time employment earning a good salary but the debts seem to have got carried away.
I have been looking at the best way to amalgamate these debts, spread over several credit cards, and not sure which is the best way forward.
I was thinking balance transfer at 0% and then put together all the repayments i make on the other to cover it but no cards seem to go anywhere that limit.
Also looked at loans but they all seem to have high interest and not sure what the cheapest way is so I do not get stuck with huge interest bills and debt that never seems to go away despite no longer spending on the cards which is what has happened thus far.

If anyone could point me in the right direction, I would be very grateful

Thanks

Tixy

Hi and welcome

Its possible in theoy to get credit cards with those sorts of limits - but only very high earners would be likely to get them as starting limits.

Before you make any decision I'd make a list of all debts and APRs you are paying on them. You don't need to have all the debts in 1 place, and generally consolidation is not recommended and it can be hard to even get loans for consolidation by the time people try to (as they are usually pretty much maxed in terms of what credit they can get).

Consider filling in a statement of affairs so you can see how much you have left for debt repayments each month - and try the snowball calculator from the stateemnt of affairs to see how long it will take to repay your debts with the current creditors. From there you can decide on a plan of action, perhaps trying to get a 0% card for your debt(s) with the highest APR.
http://www.makesenseofcards.com/soacalc.html

lornz23

Have you looked into what you could do with your wifes debt as she has a long term illness - is there any way that this could be wiped? I have never done it myself but someone else might be able to advise on this.

If you are going to transfer to a 0% don't forget to consider if you don't pay it off in the full term what the APR is going to be on the amount remaining.