Debt Free/Reducing monthly payments

ruperth

I have a couple of loans due to be paid off in 2023 and I am currently paying a significant amount each month on both those loans. I want to reduce my monthly payments to make it easier for myself each month.
Would you advise getting a loan out over say 10-15 years, paying off these current loans and then having lower monthly payments for the foreseeable? I am unsure what to do. 
Or would you advise I just suck it up, struggle for the next 3 years and pay the higher monthly payments but know that I only have 3 years left instead of 10-15 years but at a lower payment but much easier to handle and doesn't cause me stress each month? 

Any advice would be great!
Thanks

RobM99

The longer the loan, the more interest you pay. For me, pay it all up quick as reasonably.

sourcrates

No, do not consolodate the debts, 15 years is a very long time, you will end up wanting something else, consolodating again, and so on, and so on, the pattern is a familiar one on these boards, it can lead to a lifetime of debt, wake up, go to work, pay loan, wake up, go to work, pay loan, thats what can so easily happen.

Things can change a lot over time, if you are struggling with the payments, look again at your budget, see where cuts can be made, if things are really tight, then look at debt mangement, but do not borrow more money, you cannot pay off debt by borrowing more, it just extends the length of time you are in hock to the bank.

Thankfully, this current situation is seeing a lot of lenders tighten there lending criteria, so i doubt they would lend to you anyway.

ryanm8655

As above. A really bad idea...

Post an SOA: https://www.lemonfool.co.uk/financecalculators/soa.php and people can advise on your options.

If things are that tight then it might be you need to enter a debt management plan.

Depending on your circumstances, it might be worth tightening the purse strings some more to get it cleared more quickly. For example, I've moved back home in the short-term to get my debts cleared more quickly.