We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

debt consolidation

topspin100 · 2018-05-17 07:54:16

Hi! As my credit card's 0% period is coming to an end I'm looking to consolidate my debt with a (cheaper) loan. My overall credit score is quite good (no missed payments etc.), but the affordability score is pretty low because of my relatively low income. I have recently taken up another part-time job and this increases my…

Comments

MallyGirl Posts: 7,466 Senior Ambassador

17 May 2018 at 3:22PM

topspin100 wrote: »

Well, I'm sure at least my credit card company would approve of this kind of advice! :j

Paying off the cc at 19.9% APR will obviously cost me a lot more than, say a 5-year loan!

That all depends on the loan APR and length really. For some, taking a long loan means that they take their foot off the gas with the debt busting whereas seeing the interest spurs them into throwing everything at the debt and getting it cleared much quicker.

I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.
0