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Add to loan or not
hi there, three days in and posting first thread (please be gentle!)
We have a consolidation loan over four years (paid off 1 yr already) the payments are fine and have no difficulty. Also have a 6500 (cringe!) credit card bill which is getting a problem.
At the moment we (hubbie and i) have two ideas -
1.Add the balance to loan which takes it over 20.000, and add 1 yr and extra £120 each month (taking it from 390 to 518) be very tight i know.
2.Add the money already paid off loan (around 4000) back on and add 1yr but keep payments the same (390). The other 2500 pay off with savings (3yr old daughters bank account) of 1400 and put the rest(1100) onto 0% credit card for 9 months.
Very new to this so havent got a budget etc up yet. hope this is in the right area. would be very grateful for all help thank you in advance
We have a consolidation loan over four years (paid off 1 yr already) the payments are fine and have no difficulty. Also have a 6500 (cringe!) credit card bill which is getting a problem.
At the moment we (hubbie and i) have two ideas -
1.Add the balance to loan which takes it over 20.000, and add 1 yr and extra £120 each month (taking it from 390 to 518) be very tight i know.
2.Add the money already paid off loan (around 4000) back on and add 1yr but keep payments the same (390). The other 2500 pay off with savings (3yr old daughters bank account) of 1400 and put the rest(1100) onto 0% credit card for 9 months.
Very new to this so havent got a budget etc up yet. hope this is in the right area. would be very grateful for all help thank you in advance
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Comments
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Why don't you move this query over to the Debt Free Wannbe Board. They are very helpful and I am sure they will give you loads of advice on how to reduce your debts without taking on another loan. I would be tempted by option 2, as daughther is only 3yrs there will be plenty of time to pay back the money, and I am sure that interest you are getting from saving the money is less than the interest you are paying on the cards so it makes sense of borrow from your daughter. Anyway hop over to DFW you'll get loads of help.
AMDDebt Free!!!0
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