Card or loan

Bravehorn

I have moved this to the correct forum now......I hope

hi everyone, I am new to the forums but would really appreciate some advice. My problem is I have a lot of debt on cards
MBNA £1800
Vanquish 3k
Aqua 1800
Barclaycard 500
Capital one 500
I would like to consolidate all the cards but I tried HSBC and was refused
I have been told because I have cards with the above, especially vanquish and MBNA I am classed as a high risk
I am in full time employment and have not missed any payments and some times Even overpay. The high interest payments are becoming very hard and the amount don't seem to be coming downI just need to find a lender with lower interest rates either loan or credit card transfer, but if I keep searching and applying I know it will effect my rating. So any advice from you good people will help ALOT
Thanks in advance

splodgethefirst

The general advice is consolidating doesn't work as you don't address the reason you've spent beyond your means in the first place.

Why not fill in a statement of affairs - http://www.stoozing.com/calculator/soa.php - copy the results to this page (use the format for MSE button) and see what the wizards here can suggest to pare back your outgoings and cut your credit card bills that way?

sourcrates

Consolidation loans are rarely a good thing, most people find they are the gateway to the abyss, so a bad idea really !!!

You may be better suited to some kind of debt solution to help you out of your current situation.

Best advice would be to give National Debtline or Stepchange a ring, and go though your options with them.

All advice is free, and there is no obligation.

https://www.nationaldebtline.org

http://www.stepchange.org

Pollygarter

Sorry to hear about your problems. You're in the right place...loads of us here in the same tight spots and loads who were but got out. I'm flogging anything which isn't nailed down currently on eBay to make inroads. Getting an honest budget helped me see where I could cut corners to free up more income. I'm nowhere yet but I've just pulled my head out of the sand and am no longer sinking. Loads of advice on here about cutting down, maximising income and working at the most expensive debt first. Good luck.

andyfromotley

1)Nail your bills and expenses to the floor. (post an Soa to get help)

2) Sell what you can

3) Increase your income. Pay rise/promotion, Job change, second job.

Good luck.

rockm87

I agree, dont replace debt with debt. Work out your expenses, and see what money you can have available to pay off your debts.

Tixy

Whilst I agree with what others have posted about consolidation loans, you do want to try to move some of that debt away from those high interest cards.

Assuming you can afford your minimum repayments at the moment then I'd have a look at the eligibility calculator on here for balance transfer credit cards to see which if any you are likely to get accepted for. https://www.moneysavingexpert.com/eligibility/credit-cards/

If you cannot get any new credit cards then is there any room to move some of the more expensive card debt to the cheaper cards? Are you up to your limit on whichever cards have the lowest APR.

Once you have switched around any debt you can make sure you use the snowball technique to always pay any extra off the most expensive debts first.