HELP WANTED! Credit cards vs loans?

KON02

Hi,


My Husband and I are newly married and looking to save for a mortgage. However, we have an amount of debt that we just can't seem to clear, and with new motivation for 2016, I wonder if anyone might have any advice for us around how best to approach this?


I have £6000 on a 0% credit card, which was consolidated debt. The 0% period is due to expire in February, and the amount is too large to transfer to one credit card alone. I'm concerned that spreading this across multiple cards will impact on my credit history, and later decisions on buying houses.


My Husband similarly has £7000 to clear, and is in the same situation above, however his 0% period has already expired and he pays interest monthly.


Any advice on how to help us become debt free over the next year?
Would a bank loan to pay off the combined debt be an option?


I'm not great at this kind of thing, as you can probably tell, but 2016 is a new year and I'm determined to make a change!

sourcrates

Hi,


Welcome to MSE.


Consolidation is very rarely a viable option, as in the majority of cases, its the cause of a debt problem, not the cure.


First thing most people do is an SOA (Statement of affairs).


That way we can see where your money is actually going, and then advise ways of making savings.


Link here :


http://www.stoozing.com/calculator/soa.php

KON02

Thank you, I'll do this with my Husband later today.


Thanks again.