We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Help!!!!
Rich_H_4
Posts: 2 Newbie
in Credit cards
I have 3 credit cards totalling £10.5k, what are the best steps to get payments down? Do i transfer balances to one card or get a bank loan?
0
Comments
-
can u pay the 10.5k back?0
-
no need for sarcasm!
best thing is to do an SOA
work out how much you owe on each, what the interest rates are, how much you are paying at the moment and the incomings and outgoings each month.
post it on here and people will be able to advise you where to go next.0 -
With that amount of money I would suggest looking for a low interest loan or increasing my mortgage to pay the debt of personally.0
-
Try using the snowball calculator in the first instance...
http://www.whatsthecost.com/snowball.aspx?country=uk
It can be slightly scary if you fill it out with only the minimum payments, but if you're savvy with it you can try & chuck as much money as you can at the debt & watch the 'end years' reduce.
Good luck
x0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.8K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.8K Work, Benefits & Business
- 603.4K Mortgages, Homes & Bills
- 178.2K Life & Family
- 260.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards