Personal loan

[Deleted User]

Hang on. So not only are you planning to pay for this year's holiday for the next half a decade, you're also planning to pay off a 21.9% credit card with a 22.9% loan?

eschaton

Sury wrote: »

Thank you for your advice
My credit card interest is 21.9 % and I am earning £ 1100 monthly ( after taxed, pension & NI ). The only reason I've borrowed loan so I can budget my finance a little better and I hope I can save more money after pay off my credit card.
Thank you

You really are deluded or a troll. 50/50 on this.....

ViolaLass

Sury wrote: »

The only reason I've borrowed loan so I can budget my finance a little better and I hope I can save more money after pay off my credit card.
Thank you

How will you save money? You'll still owe the same amount, just to different people.

DCFC79

Sury wrote: »

Thank you for your advice
My credit card interest is 21.9 % and I am earning £ 1100 monthly ( after taxed, pension & NI ). The only reason I've borrowed loan so I can budget my finance a little better and I hope I can save more money after pay off my credit card.
Thank you

You don't budget finances like that or its not a way I would do it.

Maybe you should post on the debt free wannabe board.

barbarawright

Brock_and_Roll wrote: »

In fairness if it were a "once in a lifetime" trip that you want to be able to do whilst you are able to e.g. to on the Haj with an elderly parent, then there might be a little justification.

Aren't Muslims forbidden to borrow money at interest?

Pixie5740

Sury wrote: »

Thank you for your advice
My credit card interest is 21.9 % and I am earning £ 1100 monthly ( after taxed, pension & NI ). The only reason I've borrowed loan so I can budget my finance a little better and I hope I can save more money after pay off my credit card.
Thank you

Your figures don't work.

1) You want to take and expensive debt (21.9% APR) and make it an even more expensive 22.9% APR) debt.

2) The amount you owe will increase from £3.5k to £8k.

I'm not sure how you've come to the conclusion that repaying an extra £4.5k at a higher interest rate will allow you to save. It will result in the exact opposite happening.

If you can afford monthly repayments of £215.51 you could repay your cc in 20 months and pay £602 in interest. Your way will take 60 months and cost you almost £5k in interest.

Brock_and_Roll

barbarawright wrote: »

Aren't Muslims forbidden to borrow money at interest?

Good point....and judging from some of the posts on here, they are very sensible!