Some advice please?

DVardysShadow

cleggy88 wrote: »

No you're right and I appreciate the advice. A loan may get me get me out of trouble in the short term but probably isn't worth lumbering myself with debt for years to come.

Is a balance transfer worth looking into at all?

From your SoA [well done for flogging through it], with £1200 debt you are only in hock to 1 month's pay. So your debt is not serious - it is bad when you debt exceeds about 6 months pay [less if you are on a tight budget]. In saying that, I don't want to encourage you to up your debt! Just calm you down so you don't take actions which will make things worse.

Indeed, your surplus each month will see the debt gone in about 4 months if your SoA is accurate. So just stick with the plan of paying it down from your surplus. It would be quicker if you slashed your entertainment budget until the debt was gone - and another reason for not taking a loan is that you are effectively paying for entertainment on a loan.

If you can get a balance transfer, to a lower APR that is worth considering -if the repayment terms are as favourable. Also you my find that your surplus is not what you show on the SoA. Work on finding the money leaks and either accept them if they are necessary or deal with them if they are not.