Which way to turned, desperate and worried.

paul24dual

I have the following debts

Tracker Mortgage - £76,000 - 21 years left - 1.74%
Reserve on mortgage - £13,000 - Term of mortgage - 4.99%
Credit card 1 - £2300 -£100 per month - 0% for 24 months
Credit Card 2 - £900 - £100 per month - 0% for 12 months
Credit Card 3 - £3300 - £150 per month - 0% for 30 months

The question is do i go for a new mortgage (adding the £76,000 and the reserve £13,000), the best i can find is at a rate of 2.99% on a 5 year fixed deal or do i stick with what i have at the moment.

I have £600 put by each month for my credit card and reserve debts

Any advice would be a great help because quite frankly i'm completely lost.

Thank you

amnblog

Why are you worried? This looks like a manageable situation.

paul24dual

How would you manage it?

I think i would be slightly worried if i had a plan.

Imma_Number

If you can put by £600pcm with £350pcm going to the credit cards then you can snowball off the credit card debts in 19months to keep you within the various 0% time frames.

Keep paying Credit Card 2 @ £100pcm for 9 months until that's clear.
Then add that £100 to the £100pcm towards Credit Card 1 to make that £200 for the remaining 7 months to clear that one.
Then add that £200 pcm to Credit Card 3 to make £350pcm for the remaining three of months on that.

http://www.whatsthecost.com/snowball.aspx

Unless I'm not seeing the real problem.