Creit Card to Loan

kelly78

I have converted 2 credit cards to a loan

Virgin credit card was 18.9 %
Lloyds was roughly the same in total £10k. I have converted it to a loan at 6.3% it will all be payed of in 5 years. Have I done the right thing.

Forgot I was only paying minimum payments of £80 & £150. The laon is £195.

james32_uk

Cut up the cards, cut up the cards, cut up the cards, cut up the cards, don't keep them, don't store them away for emergencies, don't freeze them, don't give them to a friend or relative to look after, close your accounts!

You WILL regret it if you don't I promise!

lazy_daisy

Brilliant advice James - listen to him Kelly, he knows, he's been there!
Best of luck to both of you,
Daisy
XX

HairyHandofDartmoor

It's only the right thing if you don't build up the credit cards again. Noone ever intends to, but over time it can creep up and up, a little bit here, a little bit there, and before you know it you have a loan and credit card debts! We've all been there and done that.

So take the excellent advice and cut up the credit cards and then it will have been the right decision!

kelly78

Yep credit cards have shredded and they are now gone.

HairyHandofDartmoor

Well done, you've made the right decision!