Pay back time!!

denis06

I have four credit cards each with between £2k and £4k owing.

Is it sensible to get a loan to consolidate them and then pay them off over a period of years?

zerog

denis06 wrote: »

I have four credit cards each with between £2k and £4k owing.

Is it sensible to get a loan to consolidate them and then pay them off over a period of years?

Yes if the loan rate is lower than the cards' interest rates.

Tixy

Depends on the APRS on the cards, and the rate you could obtain on a loan.
And also factoring in if you could move the debts to cheaper deals via balance transfer and how much you can afford to repay a month.

planteria

ideally move the balances of all cards to one other, with a new 0% deal...and make just the minimum payment. stash whatever savings you can away to earn some interest & then pay off the balance in full at the end of the 0% deal....or move it to another 0% deal [perhaps from one of the 4 providers you are leaving]