Debt Help / Ideas

DadTryingToSave

Hello all I am just after a bit of advice please.

My current debt is as follow....

Credit Card 1 = £2122.65 (18.9%) - I pay min £50 a month
Credit Card 2 = £6775.72 (0%) for 28 months - I pay min £146 a month
Loan = £5326.38 (9.4%) 29 payments left !!! - £181

I would like to get my monthly payments lower and STOP paying interest:mad:. I won't mind getting rid of the loan and credit card 1 by using a balance transfer on a 0% credit card. Is that a good idea? All advise and help would be gratefully received.

Regards

Dad Trying To Save

moohound

Post an SOA and have a look at the snow ball calculator.

You would need a 0% with a hefty limit to move the loan and the CC 1.

If you are paying the minimums already I am not sure how you could lower your payments, unfortunately I think you are stuck with them, If you can't get a 0% BT the best way to save interest is to pay it off quicker not slower.


I suggest you read this (if you are not offended by colourful language that is).

http://www.mrmoneymustache.com/2012/04/18/news-flash-your-debt-is-an-emergency/

Good luck with it, keep posting.

[Deleted User]

You really need to put every spare penny toward CC No 1.

At £50pm, it's going to take 69 months to clear it, and cost close on 2/3rds of the current balance in interest.

I agree with moohound, post an SOA.

If you could economise enough, to merely double the payments to CC No 1, you could take 43 months off the time to clear it, and save yourself £888 in interest.

thefrugaltrial

I would try and transfer the CC to a minimum repayment card. It's not impossible to get a balance high enough to transfer the loan too, but it will depend on credit rating and salary. Try to CC first and try to increase the repayments, even £10 will help.