Loan to consolidate over £15,000 of c/c debt?

Lisa_Brown

We transferred our credit card balance to a 0% then stupidly used the card now we have debts of over £15,000. Should we take out a loan to consolidate the debt?
If so which one is best for us because at the moment the interest we are paying is crazy!!
Hope you can help,
L.B

alexei_2

Are you able to move some or all of the existing debt onto another 0% Credit Card. That would give you some breathing space - although you would still need to pay min payment of probably 2% (£300 on £15K) each month.

If you do this you must be disciplined. NEVER use a credit card that you have balance transferred to, and don't run up further debts.

Lisa_Brown

We were offered an egg card with a limit of £3,500 does'nt that just make it too messy?

bazzaang

i was in a similar situation to yourself and i have just got myself a northern rock loan to clear all my debts, that way the cards can be cut up and the temptation is not right in front of you.

Anyway best of luck whatever you do

bazzaang

oh and i qualified for the 6.9% interest rate not the "typical 5.8%"

firelynxx

I have done similar in the past, transferred debts and then used the cards and got in a worse situation so now I have transferred to a card (Texaco) that charges 3.9% (I think, something like that, I am not good at figures which is why I got in this mess in the first place!) for the life of the balance transfer - and as soon as I had transferred my debt, I cut the card up so there is no way I can ever use it.

For me, it is the only way, I know I can't trust myself otherwise.

Carolyn

Lisa_Brown

Thank you