Credit Card or Loan?... Please Help!

Sneable89

Good evening,


My names Jo, or sneable89... witch ever you prefer!


im looking for some help...


Ok, so I am currently in around £3000 worth of debt.
this is mainly finance, and one lovely whopper of £600 owed to the dreaded Council Tax!


I am really struggling to pay the minimums on all these, but I have already made some financial changes, and I'm hoping to turn it all around so I don't become in Debt crisis... I think that's the right term, either way I don't want be in the worse case scenario!


I've been advised by my chap to consider taking out a credit card, pay off everything I owe on the card, and pay the one card back,
but honestly I have no idea what a good credit card looks like?! I see its better to stay away from a consolidation loan, but im not sure whether to rule out a loan all together?...


I guess im asking, what would majority of you recommend, CARD or LOAN?


if anyone has any help or advice I would be eternally greatfull! also, if u need to know anything else about my situation to help me out, im more than happy to share it, if it helps!


thank you for reading, if you have...


Jo aka Sneable89

Tixy

Hi

I guess im asking, what would majority of you recommend, CARD or LOAN?

Depends on
the interest rates you are paying on your current debts
whether the debts you have currently can be paid off by a credit card
whether you can get a loan and at what APR
whether you can get a credit card with a high enough limit and what the APR on that will be
how much you can afford to repay off the debts each month

What is the main reason for wanting to shift the debt around? is it due to high interest you are paying currently? or is it because you are still struggling to afford your current monthly payments even with the changes you have made to your finances?

You may be better off posting on the debt free wannabe section of the forum and completing and posting a statement of affairs so people can offer you the best advice for getting debt free and whether it may be worth trying to shift some of your debt around.

Sneable89

wow, ok so lots of questions im not sure I even know the answers too!
im a complete newbie to all this financial stuff!


main reason to shift would be, the high interest rates currently, and also having known ive effectively "dealt with the lot" and only have the one to pay, kinda thing...


how do I find out if I can pay my debts of via a credit card? do I ask the people the debt is with?


and also, apologies, I didn't realise I hadn't posted in the debt free wannabe section, that's what I though I was in!

Tixy

also, apologies, I didn't realise I hadn't posted in the debt free wannabe
section, that's what I though I was in!

Oops, sorry you were - my mistake I had too many windows open on my computer.

Perhaps a good starting point would be to list who you owe money to, how much you owe each and what interest they are charging you.

Sneable89

sure, and then what? compare against potential interest rates on cards?
or would it be beneficial do you think to pop into my bank and get help? as I also have an overdraft, witch im paying £5 a day for being in!

MallyGirl

if you do an SOA people can help on what the next step should be. Depending on your debt to salary ratio you may not get a card with a better rate than you are currently paying but £5 a day overdraft seems the likeliest candidate to attack first.
the more detail you can supply, the better advice you will get

Sneable89

Ok brill thank you. Probably a really silly question, the SOA do i just type it up and post as a new topic or something? Or is there an actual template to use? And where in the forum would i post it?

Thanks!

Tixy

Hi We recommend using this calculator http://www.stoozing.com/calculator/soa.php and then you could either post the results in this thread or a new one.

realhousewives

good luck hun