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Hi there,
Just looking for some advice, I currently have 5 different credit cards with balances outstanding of just under £15,000. Is it a good idea to take out a loan to pay off these cards, I am currently paying about £270.00 per month on the minimum payments respectively. I already have a loan with my bank Natwest which still has about 5 years to run and 2 other loans, one with Liverpool Victoria and one with Egg.
Any advice would be really appreciated.
Thanks
Chris
Just looking for some advice, I currently have 5 different credit cards with balances outstanding of just under £15,000. Is it a good idea to take out a loan to pay off these cards, I am currently paying about £270.00 per month on the minimum payments respectively. I already have a loan with my bank Natwest which still has about 5 years to run and 2 other loans, one with Liverpool Victoria and one with Egg.
Any advice would be really appreciated.
Thanks
Chris
0
Comments
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No, Chris, not a good idea! Although I can see why you think so - you're only paying the minimum required on 5 cards at present, which means the interest is racking up and you'll never pay off these cards at this rate of progress. In addition, you have 3 loans.
Perhaps if you post on the Debt-Free Wannabe board people might be able to give you some more constructive help.
Aunty Margaret[FONT=Times New Roman, serif]Æ[/FONT]r ic wisdom funde, [FONT=Times New Roman, serif]æ[/FONT]r wear[FONT=Times New Roman, serif]ð[/FONT] ic eald.
Before I found wisdom, I became old.0 -
Chris you should repost your problem on the Debts board - you will get more help over there0
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