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Newbie debt free wannabe
ponsumkey
Posts: 1 Newbie
Hi everyone, recently got engaged with a view of getting married in the next 3-4 years but myself and fianc! carry a fair bit of credit card.
Here really for any general help,advice, hints and tips people can offer.
We owe £8000 on a credit card and were looking to consolidate into a fixed monthly payment via a loan. Have been told this is a bad idea so looking for some inspiration.
Here really for any general help,advice, hints and tips people can offer.
We owe £8000 on a credit card and were looking to consolidate into a fixed monthly payment via a loan. Have been told this is a bad idea so looking for some inspiration.
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Comments
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My advise would be to do a statement of affairs (SOA)writing down all your income and outgoings each month, as well as what debts you have where and what the interest rates are.
Taking out a loan could mean paying more interest, and unless you close the credit cards you may be tempted to build the debt back up...it's a really easy trap to fall into.
you could post your SOA on here and the lovely posters can give you tips where you can save money
good luck
SMdebt consolidated 16/8/18 £9,788.01/£12,618.12
(Total debt at LBM 1st Jan '18 c..£19.5k)
EF/FIT savings £97.24 Other Savings £12.17 House Deposit £4,762.64/£20,000 23.8%
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I agree with StarMummy.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post 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 & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.0
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