Exciting times ......hopefully!

Just_Want_to_Live_Life

I have now got the point after some time of have no adverse credit on my report. I have been building my credit score with some high rate cards and so the check looks good. I am however now looking for the best way to consolidate all my debts into one lower interest option. I have £1900 overdraft and 4 credit cards with about £1000 each on. I have no late or missed payments. I wish to buy a house and so am looking at getting my finances is even better order, since sorting my credit report. What is the best way forward, is it one lower rate credit card or a lower rate loan from my bank? Either option I will then be cancelling the other cards and overdraft. Thanks in advance

KirstyO

Working down through lower interest rates is the most sensible option I think. If you can get accepted for a 0% then this would be the way to go, but depends on your circumstances.


Generally loans are lower APR than credit cards, but check for things like early repayment fees. If you go for a loan you want to be able to overpay as much as possible to clear the debt.
Others may have different solution, but judging on past posts that I've read it's all about working down to the lowest interest possible for your circumstances, and as soon as possible switching down again, or clearing the balance before any promotional low rates run out.