Kind of happy. But a relief!

SadGirl

I consolidated all my credit cards today onto a loan. £14.500 on halifax, £5000 on BC and £500 on first direct. 7 year loan with Halifax at £313 a month. I will save approx. £160 a month, and I can pay more if I want to. My credit cards had cash balances, so the interest was going through the roof. I feel some relief. At least I wont get 3 visa bills a month, just one loan, that i can afford. I know consolidation isn't always a great idea, but I feel I've done the right thing, with the interest rate being so much lower. At least I know there is light at the end of the tunnel now, even if it is a long way off. I'm cutting up the cards now!! That's the scary part!

Karmacat

I guess if you feel thats the right way to go, you do it. I hope it works for you - remember to cancel the cards as well as cutting them up!

Best of luck.

james32_uk

Please please please please CUT UP THE CARDS!

I PROMISE you will regret it if you don't. So many of us have been there. Please learn from our mistakes.

Good luck.

Midnight_Sky_2

Hi Hon,

Can't agree enough with James. But don't only cut them up CANCEL them and don't be tempted when you start getting all the bumph through the door offering loads of wonderful CC deals.

Been there, done that and totally regret it.

Good Luck

SadGirl

Yes, I've cut them up already. I've been down that road before too. Consolidated, then the cards mounted up again This time is going to be different! I will cancel them today too

GettingThingsDone

Hi SadGirl - You're right, this time is going to be different! Keep posting and keep strong. I haven't consolidated my cards but I have resisted spending on them - just coming back on here reminds me why not Just keeping in the DFW frame of mind I guess...

gtd

Chez2k

Well done. If it has made you feel better then it was the right move for you.
Get those letters written and get them cancelled.
I've learnt as well after clearing balances, leaving them opening and then spending again.

:T

Skint_Catt

Well done and good luck! A bonus that you can overpay too! :T

steve700

Well done - Be Strong.


Just a question related to this if I may:

When you call up to cancel a card, is it safe to assume that the CC Company actually does cancel it?

They would have no reason to leave it open, I suppose, but is it worth checking via Experian,etc that the card no longer shows on your credit records?

Thanks