What is best for us to do?

We want to pay off our overdraft which is £900 then close the Account and our Very Account £1600 . Are we best to get a Credit Card or a loan????


  • pinknsparkly
    pinknsparkly Forumite Posts: 542
    Eighth Anniversary 500 Posts Name Dropper
    You should head over to the Debt Free Wannabe board and post your question there - this isn't really the right board for you. You'll get a lot more answers on that board too and they're a friendly bunch!

    That said, the only type of credit card that you could use in this situation would be one that would allow you to do a money transfer, so a loan is probably more suitable. However, consolidating debts into one loan tends to be frowned upon on MSE as it can encourage people to run up more debts again. We often see people coming back with even bigger debts having cleared all their accounts with a consolidation loan and then continuing to spend. If you do go down the loan route then please please please make sure that you actually do close the accounts so you don't get tempted to spend on them again! If you think you might be tempted to continue spending then (especially as your balances are quite low), simply leave the accounts as they are and cut back in other areas of your life (groceries, meals out, utility bills etc) in order to free up more money to make larger repayments.
    MFW2023 challenge #99: £1090.11 / £1,000 MFiT-T6 (Jan 2022 - Jan 2025) challenge #99: Reduce mortgage to £400,000. Current balance = £413,551.19 Initial MF date (23rd Aug 2022): Sep 2051 Current MF date: Jul 2051 Last updated: 15/06/2023
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