Should I take a loan to clear credit card?

Tommyjunior742

Looking for some general advice please.. 1st time poster so please excuse me if I have posted in the wrong place.

We(fianc! and me) have a credit card balance of £8000 we’d like to clear, she is currently on maternity and will only return to work for 20 hours per week. We recently got engaged and are looking to wed in approx. 3 years. Ideally within 5 years I’d like to be marrried and debt free.

I considered a loan to clear the credit card over maybe 6/7 years to reduce the monthly outgoing.

Really just looking for hints, tips, advice.. etc etc.

Thanks in advance.

[Deleted User]

No. Throw as much as you can at the debt and look for BT options but don't drag it out over 6 years.

Get it paid off so you can focus on saving for the wedding.

bengalknights

I would also recommend doing a BT to a 0% card and clearing as much as you can

Alexd52

If you take out a loan to pay the card off, what is there to stop you running up more credit card debt and ending up with 2 large debts?

Agree with the above, balance transfer and/or paying down as quickly as possible is your best course of action

Brookside88

nooooooo! get a 0% balance transfer credit card or 3

blitzboy

A 0% balance transfer card would be a better option, if you can get one.


You might also want to address why you have run up £8,000 debt in the first place as if it's a general overspending issue it might continue to increase rather than reduce. You could try posting a statement of affairs on the debt free wannabe board, you'll usually get some good advice there on how to trim your general spending and have more money available for the debt/saving.

DanielBarton

Personally i dont we can really answer this question accurately without knowing the ins and outs of your own financial situation in terms of income. You will just need to sit down, work out all of your options and which will put you in the most comfortable financial situation

MEM62

Should I take a loan to clear credit card?


An often posed question and one of the more straightforward to answer - No!

Tommyjunior742

Thanks everyone. I will check out the debt free wannabe side if things too. Debt is a culmination of things, mainly a family emergency that acckints for around half of the total that was unexpected. Agreed on the overspending aspect too though.

Will do a SOA tonight.