23K debt

Ladybird7

Hiya

I have a debt of about £23,000 over 6 different credit cards.
The cards have been destroyed and no longer being used. Some have 0%, but some have interest being charged now.

What would be the best way to consolidate it all and get it paid off?

Further 0% balance transfer credit cards or low rate loans?

Thank you

sourcrates

Hi,

Hard to say with so little information, however consolidation is rarely a good idea.
Most people find posting a statement of affairs a good starting point, this then allows the forumites to make suggestions on how to Improve your situation :

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

vlad

Unless you earn more than 46k you won't get any more credit whatever the reason, sorry

midnitegremlin

You can ring the cards and discuss with them your circumstances. Some will close the account (or specifically, stop you buying anything else) and set a monthly repayment at a lower rate of interest until its paid off.

I've done that with 4 cards, rate between 0 and 6.9% (which is likely to beat most loans.) BUT it does have an impact on your credit rating. If nothing else, it doesn't hurt to do that.

Also, the credit card companies can put a stop to your cards even if there isn't a repayment plan in place, obviously you won't use them yourself, but that never hurts.

Puddylove

Ladybird7 wrote: »

Hiya

I have a debt of about £23,000 over 6 different credit cards.
The cards have been destroyed and no longer being used. Some have 0%, but some have interest being charged now.

What would be the best way to consolidate it all and get it paid off?

Further 0% balance transfer credit cards or low rate loans?

Thank you

I don't mean to be harsh here, but trying to borrow your way out of a debt problem doesn't work. Without more information about you (a Statement of Affairs), it's hard for anyone to make detailed suggestions.


But really, you have to repay your debt by increasing income and/or reducing outgoings.

midnitegremlin

Puddylove wrote: »

But really, you have to repay your debt by increasing income and/or reducing outgoings.

Not necessarily, OP could be able to cover repayments but is just looking for the cheapest way to do it. But to be fair, from the context this is unlikely. :P

Puddylove

midnitegremlin wrote: »

Not necessarily, OP could be able to cover repayments but is just looking for the cheapest way to do it. But to be fair, from the context this is unlikely. :P

I have a CC debt that I have on 0%, and will repay it before the rate rises. However I've never felt the need to destroy my other credit cards....which the OP has. To me that suggests that their debt is neither welcome nor planned.

Jagraf

I doubt you would get a loan, so the simplest solution imp is to keep the credit card rates as low as possible and go through the hard slog of paying back the debts. X

Tyrone_Black

Are any of the cards offering further 0% deals? You might be able to save by shifting it around, but ultimately you're still going to need to pay more than the minimums to start getting out of this, unless you're going to go into formal debt management etc.

enthusiasticsaver

Do a soa and budget and do a proper repayment plan. Consolidation does not work.start with highest charging cards and snowball the debt