Small debt to clear

MrGalaxy

Hi all

Having been unemployed recently for around a year and half i managed to acquire a little bit of debt (around £1500) and also had 2 defaults (now both settled and aging but still on my credit report).

I am trying to find a way to clear the £1500 down, at the moment i am paying around £80 to £90 per month and on the site it says the interest equates to around 37%.

Obviously if i could find something that was lower then i would be able to pay it off far quicker than i am at present (estimated at around 2 years currently). From one of my credit reports (Experian) it would appear that i could borrow around £1800 which would obviously be sufficient to clear the £1500 off.

Do you think i should be looking into this, if so what do you recommend?

Thanks

Adam

Teacher2

If Experian suggests you might be eligible for a 0% finance card or even a card with a lower interest rate than that which you are paying now, apply for it. Keep paying the amount every month that you are now paying in interest and it should be clearing the actual capital amount. Do not be tempted to pay less or to spend further on the card. You will have to be very self discilined. Good luck.