Do I consolidate

3 Posts

Hi, I'm looking for advise and hoping you can help.
I have 3 credit cards and I've worked out to completely repay it'll probably take about 7 years. I also have an upcoming holiday and needing to pay my part which is £780.
I've been offered a pre-approved loan that would cover all of these and would be repaid in 18 months. The interest rate of the loan is the same as only one of the c/cards, whereas as the moment I'm paying 3 lots of interest ranging between 24-34%.
I know I can afford the monthly repayment, as it's what I'm paying now but will take much less time to re-pay, am I overthinking taking the loan and consolidating?
I have 3 credit cards and I've worked out to completely repay it'll probably take about 7 years. I also have an upcoming holiday and needing to pay my part which is £780.
I've been offered a pre-approved loan that would cover all of these and would be repaid in 18 months. The interest rate of the loan is the same as only one of the c/cards, whereas as the moment I'm paying 3 lots of interest ranging between 24-34%.
I know I can afford the monthly repayment, as it's what I'm paying now but will take much less time to re-pay, am I overthinking taking the loan and consolidating?
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Cutting the cards up is great but its pretty easy to ring them up and request a new one!
I'll update you all as it goes