Which way to go?

rik13

Hi all, i read the new posters thread but am still not sure where to go from here.Basically i have an egg loan= £8178 (9.9 APR, I THINK)
MBNA CC=£1760 (12.9 APR, I THINK)
MORGAN STANLEY cc=£3501 (INT FREE TILL JAN 2008)
BARCLAYCARD cc =£1317 (INT FREE TILL JAN 2008)

I was wondering whether to put all my debts together and get the lowest % loan i can if possible. I have been switching cards every so often but have not paid off as much as i should have done to reduce my debts. I am now struggling to pay anything but the minimum repayments on the cc's.

yours in need of help.

Rik.

tealady

Pop up your SOA so the lovely people here can give you some advice.

hypno06

Generally we would advise against consolidation because for most people it doesn't work - getting them into further debt in the long run, because lessons are not learnt and good habits formed. However, this does not mean it is always the wrong thing to do, so it may be right for you.

The preferred thing to do is to, IMHO, use the snowball calculator www.whatsthecost.com pop your figures in there and get a debt free date from it. Have a play and get motivated!!

soozg

hi all,Im thinking of getting a consolidation loan but am unsure where to start.This is my soa at the present:
mortgage= £42,000 @£350.00 pm
capital one cc= £1550.00
m&s= £3432.00
personal loan= £8,000

We are currently living on benefits til husband finds a new job and our only asset is our home,currently valued @ £250,000
I would be most grateful for any help/advice!!!! Thanks