Advice needed

Mrs_Dawn

Had my lightbulb moment as soon as I discoverd this website. Only just plucked up the courage to sort out what is owed where.

LloydsTSB Loan Mine -£6125.50 25 months to pay at £245.02
LloydsTSB Loan OH - £7145.33 19 months to pay at £367.07
LloydsTSB CC Mine - £7065.25 ONly pay min pay:eek:

I know it's really bad only paying the minimum payment on my CC.

What I was wondering is would it be better to consolidate all 3 into one loan and pay it off as quick as possible or not.
The CC APR is 15.9%.
We don't have a mortgage.
Have cut up my CC.
Any help greatly appreciated.

boo2905

Hi

I am not the best at giving advice but I have read a lot of what people say - I would advise NOT consolidating.

You will end up paying a lot more in interest. I considered this once and said I'll pay a bit more each month because I can afford to but then was honest with myself and said actually I probably won't pay the extra after a while and I was worried I would run up the credit card again.

Sell some things on Ebay to make some extra money to pay your credit card.

Use the sticky on the DFW frontpage to tell everyone your SOA and then people will be along to advise you where you can cut back to put the extra money towards your debts.

Good Luck

S

Storm

Consolidation is generally not seen as a good thing on here because:

- you're paying over a longer period of time, and therefore more in total
- because you've got more money 'spare' each month it's easy to relax and run up new debts
- to consolidate all these debts you're probably looking at a secured loan, and turning unsecured into secured debt means that should you have trouble paying at any point your home is at risk

Pop up a SoA, and we'll be able to identify any areas you can cut back on to increase your CC payments each month, plus there's loads of ways you can earn a bit extra money in your spare time.

Mrs_Dawn

Thanks for that guys. I'll pop back later and do this got to go food shopping now, taking my list with me and only £50 so I can't spend more than that.