Loan to pay off credit cards

savers99

Hi can anyone help I need 15000 to pay of credit card debt and as I can't get transfer to another credit card I was thinking of getting a loan to clear it all I earn 15000 a month have a low mortgage but already have a loan of 3000 which will be paid of next October what are my chance of getting a loan

TadleyBaggie

Do you really earn 15000 a month. If so you should be able to pay off the credit card in a couple of months anyway...

DCFC79

Depends on the amounts, your rates, your income and your credit history.

savers99

Sorry I meant 1500

Tixy

Probably very slim (assuming you mean an unsecured loan).

It sound slike you already owe around your annual wage. A potential lender will consider if you can afford to service the new loan on top of all your existing debts on your current salary.
Thats because you may not use the funds to repay the cards, or may run up the cards again, so they look at worse case scenario that you end up in double the amount of debt.

savers99

I'm really stressed about this as the amount I pay back on credit cards each month is 400 with interest so very little is actually going of my balance. Any advice on what my next step could be as I'm struggling to pay them every month, I have never missed a payment with them.

Tixy

It might be worth posting on the debt free wannabe section of the forum, and perhaps posting up a statement of affairs on there.

Hopefully the regulars on that forum might be able to suggest different options for dealing with your debts, or possibly places you can make savings/get things to cheaper to be able to better afford your monthly repayments on the cards or to increase your payments to make more inroads in to the debt.

The DFW board is here - Debt-Free Wannabe and the statement of affairs link is on post 2 of this thread - DFW Newbies: Where to start, Challenges, SOAs, Nerds & Debt Free Roll of Honour!