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Clearing debt
So I've now started working more hours and want to consolidate my credit cards as I'm expecting the letters in the door any moment to say the interest rate is going UP. I've been declined for a personal loan and the only way I can see getting a loan to sort the debt all into 1 place is by getting a secured loan. I'm not in financial difficulty and havent missed any payments at all but things are getting so tight im starting to panic. Not needing a lecture on credit card bills being racked up just thoughts on secured loan please.
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A secured loan means that you are risking the roof over your head. This should be a last resort and you don't sound like you are at that stage right nowI’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts 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 and not the official line of MoneySavingExpert.2 -
Get yourself over to the "Debt Free Wannabe" board for help.2
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What you're suggesting is very dangerous and not your best option.lynA83 said:So I've now started working more hours and want to consolidate my credit cards as I'm expecting the letters in the door any moment to say the interest rate is going UP. I've been declined for a personal loan and the only way I can see getting a loan to sort the debt all into 1 place is by getting a secured loan. I'm not in financial difficulty and havent missed any payments at all but things are getting so tight im starting to panic. Not needing a lecture on credit card bills being racked up just thoughts on secured loan please.
On the dfw board, we'll ask you to do a statement of affairs and work with you to get your debt balance down
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Getting a debt all 'under one roof' is pointless unless you secure a lower total repayment over the term. Not just a lower APR, as that may simply result in an extended term and more interest in total.No free lunch, and no free laptop
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Why the urgent need to get all your debt into one place? Surely you are capable of handling debt in more than one place. And never, ever, swap unsecured debt for the millstone of secured debt.
The direction you want to travel means if you have a problem in the future, then you will have a big one with lots of dire consequences. Better to have one small problem which can be dealt with without risking the roof over your head."There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock2 -
How about a 0% (but fee) transfer to a new card? As above - can't pay UNsecured debt - not great.
Can't pay secured debt - big BIG trouble. Secured debt is secure for the lender, not for you!Now a gainfully employed bassist again - WooHoo!1 -
Thank you all for your help....okay secured loan isn't the way forward. I'm off to look at DFW as I've never heard of this. Really grateful for you all replying back, thank you.1
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If you go down to the woods today you better not go alone.0
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