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Advice would be appreciated
chris11hogan
Posts: 4 Newbie
Hi,
I would like to seek advice on what would be the best course of action to bring my monthly outgoings down and hopefully to minimise any interest I am already paying out.
I'm not sure if consolidating my debts is the answer, taking out a new credit card to transfer all credit into one or to take out a loan to cover all credit.
My aim is to have a deadline to be debt free within 5 years.
I think it's important to point out that once I am confident I have the correct answer my 'throw it on the credit card' attitude will diminish.
I will list in as much detail below my current credit:
1 Bank loan taken out in March 2014 - £5,000 with a fixed interest of 9.9% APR to be paid off over three years (HSBC).
1 of 2 credit cards: Tesco Credit Card with a limit of £2,400. Spent £2204.94 (£1753.83 is a balance transfer which I am not paying interest on until September 2015 - The remaining £454.11 is our purchase balance which we are paying 16.9%APR).
2 of 2 Credit Cards: Barclays Credit Card with a limit of £5400.00. Spent £4685.33 (This card is interest free on purchases until 29th November 2014 and balance transfers until 2016 - Purchase interest will be at 18.9% from 30th November 2014 onwards).
Like i said above any advice would be greatly appreciated.
Regards
Chris
#5yearplan.
I would like to seek advice on what would be the best course of action to bring my monthly outgoings down and hopefully to minimise any interest I am already paying out.
I'm not sure if consolidating my debts is the answer, taking out a new credit card to transfer all credit into one or to take out a loan to cover all credit.
My aim is to have a deadline to be debt free within 5 years.
I think it's important to point out that once I am confident I have the correct answer my 'throw it on the credit card' attitude will diminish.
I will list in as much detail below my current credit:
1 Bank loan taken out in March 2014 - £5,000 with a fixed interest of 9.9% APR to be paid off over three years (HSBC).
1 of 2 credit cards: Tesco Credit Card with a limit of £2,400. Spent £2204.94 (£1753.83 is a balance transfer which I am not paying interest on until September 2015 - The remaining £454.11 is our purchase balance which we are paying 16.9%APR).
2 of 2 Credit Cards: Barclays Credit Card with a limit of £5400.00. Spent £4685.33 (This card is interest free on purchases until 29th November 2014 and balance transfers until 2016 - Purchase interest will be at 18.9% from 30th November 2014 onwards).
Like i said above any advice would be greatly appreciated.
Regards
Chris
#5yearplan.
0
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