Loan for Credit Card

RUNT_2

Hey all,

I currently have £6500 on a Virgin Credit Card, I pay roughly £300-400 on it each month and about £100 each months is interest.

I recently tried to move the debt to a Barclay Card with a 0% deal for 27 months but got turned down. They couldn't tell me why other than we didn't meet their criteria.

Sooooo, I tried MBNA and got turned down again.

What should I do, should I try to get a personal loan? There are loans that will cost me £280 over 23-24 months and the total interest is only £300 - 3 months at my Virgin Card rate.

What should I do? I'm never going to pay the card off at this rate

harrys_dad

Most people on here would advise against borrowing more money to settle a debt (consolidating), as the tendency is just to pay off the debt and then spend on the card again, so building more debt.

Why not post up a SOA and see whether people can help you cut your outgoings, so allowing more money to pay down existing debt quicker.

moohound

Only go down the route of a loan if you are absolutly sure you won't then spend on the card again and that you are living within your means. And don't get a loan for more than you owe.