Need Personal Loan

bouncydog1

Suggest you go over to the debt free board and post up a full statement of affairs. People on there will review it in detail to see where you can cut costs to increase the payments on your card. Consolidation loans are not the answer as they do not address the cause of the debt - they simply allow you to carry on as you are now, which you clearly cannot afford.

PeacefulWaters

You have to cure the overspending problem for a consolidation loan to work.

Saving interest cost is positive, but why have you got debt in the first place? Because you've been spending more than you earn.

MSE credit club is designed to get you clicking on links to take out credit products. Nothing more, nothing less. It's how this site earns £millions every year.

Westminster

You need to get a handle on your current CC

I find it always helps to annualise any costs - so a crude calculation shows you are giving your credit card company up to £1740 per year just in interest.

For me that is 6 weeks of mortgage payments

When put in these sorts of terms, it makes it easier to justify doing everything possible to get this debt paid off ASAP.

For most people, it is significantly easier to cut their outgoings than increase their income.

Have a sit down with a cup of tea and try to get all your outgoings down on paper.

Is there anything really non-essential you can cut out (sky, £3 daily coffee, lunch from the local shop / cafe etc)?

Dobbibill

Here is the link for a SOA if you want to post it.

Consolidation won't work as you are clearly still spending on the credit card if you are going over the limit. Where is your income going?
Essentially you are asking for your credit to be doubled when you are struggling to pay down the amount you have despite having a healthy salary.

Cut right back on every luxury, throw as much as you can at the debt.

In a few years it may be that being declined for the loan was the best thing for you as it now forces you to look at your spending.

All the best