Consolidate debts???

daveylsmith77

Hi all, i'm new on here and just a little advice would be much appreciated.

Basically me and my wife have debts of just short of £8000, 1 credit card 1 loan and a couple of overdrafts and we are managing to pay bits off each, although slowly. The credit card is the worst culprit, £5000 on that.

I'm seriously thinking of getting a loan to consolidate all these debts then have just the 1 hopefully manageable debt left to pay.

Anybody in the same position? And any thoughts on this???

Thanks in advance, Dave :beer:

plum44_2

Sending lots of positive thoughts your way but you can't reduce debt by taking on more- it usually ends with additional debt.

You have to look at reducing your outgoings so that you don't repeat the cycle. It sounds as if you (and lots of us) are living beyond your means and that's what you must address.

Can you post a SOA so everyone can have a look and help you more?

bankhater_1965

good advice is that you cannot borrow yourself out of debt , why dont you tackle these debts head on with the creditors and try and get a freeze on interest etc

daveylsmith77

Wow, plum44 you've done really well with your debts and thanks for the advice.

As i am new to this forum i will be back on tomorrow and try and post an SOA to get some more help and feedback, unfortunately i'm just about to set off to work

Speak to you all tomorrow

jonesMUFCforever

bankhater_1965 wrote: »

good advice is that you cannot borrow yourself out of debt , why dont you tackle these debts head on with the creditors and try and get a freeze on interest etc

Try telling that to the governments of every civilised country in the world!

Tixy

Before you make any decision on consolidating - first look at all the APRs for the debts.
Then work out how much you can afford towards your repayments a month.

If you can afford your minimum repayments then you might want to consider a look at the snowball calcuculator - which will help you see how long it will take to pay off your debts as they are at the moment.

If you find you have a high APR on a card, but quite reasonable APRs on the loan and overdraft - you might want to have a look if you are able to get a 0% balance transfer card.

Snowball calculator here - http://www.whatsthecost.com/snowball.aspx

bankhater_1965

jonesMUFCforever wrote: »

Try telling that to the governments of every civilised country in the world!

i guess so , but we can all see the results of it too !!! the easiest solution doesnt work , its a non starter