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?

Replies

  • zerogzerog Forumite
    2.5K Posts
    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.
  • TixyTixy Forumite
    31.5K Posts
    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.
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • planteriaplanteria Forumite
    5.3K Posts
    Part of the Furniture 1,000 Posts Combo Breaker
    Forumite
    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]
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