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chriso_3
chriso_3 Posts: 3 Newbie
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 :confused:

Comments

  • margaretclare
    margaretclare Posts: 10,789 Forumite
    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.
  • johannamse
    johannamse Posts: 498 Forumite
    Chris you should repost your problem on the Debts board - you will get more help over there
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