credit card debit.

mav1975

..I've just finished paying a loan and have spare money every month.I have 2 credit cards with quite high balances,I dont think my credit scoring is that great because i have tried a few times to get a loan to clear my cards but keep getting refused.The problem is I am now paying high interest on the cards and I will never pay the card debt's off.I can afford a £200 a monthy loan but no one will touch me...I dont know what to do??

sistafromanothermista

Pay an extra £200 off one of the cards a month??!!!!!

Tixy

What are the APRs on each card - and the balances and limits?

What are you currently paying towards the cards? can you afford the £200 on top of that amount?
Put the figures into the snowball calculator here - http://www.whatsthecost.com/snowball.aspx
you might be surprised by how quickly the card debts will be paid.

amyloofoo

Tixy wrote: »

What are the APRs on each card - and the balances and limits?

What are you currently paying towards the cards? can you afford the £200 on top of that amount?
Put the figures into the snowball calculator here - http://www.whatsthecost.com/snowball.aspx
you might be surprised by how quickly the card debts will be paid.

^^ This is a really good idea, snowballing can save you money and help you to pay your debts back sooner - both of which will put you in a better financial position for the future.

I'm a little concerned that you feel the way to get out of debt is to get a loan... You're just compounding the problems for yourself, if you have a spare £200 a month which you could use to pay a loan, then surely this could be used to reduce the debts on your cards?

Maybe posting an SOA would help people to understand your situation?