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Debt Control advice please
MartialArtMan
Posts: 581 Forumite
Hiya guys. Some advice please. Currently I have:
Overdraft - £1200
Loan - £4465 - 10.1% APR, 4 years left to pay, £121pm
Credit Card - £3655 - 4.8% APR fixed for life, currently paying minimum pm
Credit Card - £2255 - 0% APR for 12 months, currently paying minimum pm
Things have improved at work and I am able to get in some overtime. Last months ot will have a massive impact on my overdraft and next month I hope to clear it. But what should I do with the rest? I can make the payments, that's not the issue, but what would you advise I do with my debt?
I rung the loan company to ask for a reduction in the APR and was told I'd have to reapply for another loan. In all honesty I'd get a better rate by putting it on a credit card.
Any suggestions please?
Overdraft - £1200
Loan - £4465 - 10.1% APR, 4 years left to pay, £121pm
Credit Card - £3655 - 4.8% APR fixed for life, currently paying minimum pm
Credit Card - £2255 - 0% APR for 12 months, currently paying minimum pm
Things have improved at work and I am able to get in some overtime. Last months ot will have a massive impact on my overdraft and next month I hope to clear it. But what should I do with the rest? I can make the payments, that's not the issue, but what would you advise I do with my debt?
I rung the loan company to ask for a reduction in the APR and was told I'd have to reapply for another loan. In all honesty I'd get a better rate by putting it on a credit card.
Any suggestions please?
0
Comments
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Personally I would get my bank account in the black like you intend to, next one I would tackle would be the loan then the 4.8% card, BUT, that order depends on what your apr will be after the 0% if its higher than the loan and other card then that would be a priority to me.0
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You've got good rates on your credit cards which is good. Obviously you need to keep an eye on the 0% card before it runs out as the APR is bound to shoot up to the 16.9% mark or so!
Can you make overpayments on the loan without being penalised? :think:0
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