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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…

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MallyGirl Posts: 7,201 Senior Ambassador

17 May 2018 at 4:22PM

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.

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