Advice On Consolidating Credit Card Debt Please!

Tixy

MoneySavingRobinson wrote: »

My other half has seven credit cards all with varying amounts of debt totalling £21k. They have varying interest rates, the highest bring 29% and the lowest around 2%.

Just on this, 2% APR is an unusual rate for a credit card - do check he is comparing the APRs on all cards, and not any monthly interest rates, when working out which is the most expensive so he can target it first.
Some cards quote monthly interest rates on the statements not APR.

grumbler

cajef wrote: »

... as the debt is immediately doubled.

The available credit, not the debt.

stator

MoneySavingRobinson wrote: »

What a lovely response! This is my first post as a new member today and it seems I need to develop a thick skin to participate in this forum.

Yes, unfortunately this is true.

To be honest he has so much debt that making a loan application won't make it any worse.
Owning your house might allow you to take out a secured loan, but you have to consider the extra risk of this. Transferring unsecured loans into secured ones obviously puts your house at risk.
If you do try for a loan go for a bank you have a good credit history with, maybe your main bank. Be honest with them, maybe speak to someone before the application and see if they would consider it.
And get a copy of your credit reports and make sure there are no errors before you try, also make sure you're on the electoral roll.
Paying off some of the credit before you apply might make your credit report look better. They will see how much credit you have available and how much you have used. They will also see if you have made any cash advances, which are very bad. They will also see if you are making the minimum payments or more. Try to overpay the minimum payments by a little amount on all your cards, if you can. Then pay all the rest of your money against the one with the highest interest rate.
Remember anything you do takes a month or two to appear on your credit report.

And you might as well cut up the credit cards now, then you are sure there will be no more spending

Thrugelmir

MoneySavingRobinson wrote: »

My other half has seven credit cards all with varying amounts of debt totalling £21k.

Then you need a brutally frank discussion as to the way forward. There's certainly no easy answers. However a few months of scrimping and saving every penny you can, that's channelled into paying down the debt can make a real difference.