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Debt consolidation any advice please

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enthusiasticsaver Posts: 16,041 Ambassador

12 December 2022 at 11:49AM

Paula1981 said:

Hi, I have been trying to work out if i should consolidate my debt to bring my monthly cost down. I currently pay about £530 a month to cards & loans. I have one loan at 3.9% so i am happy to leave that one. I have 2 intrest free CC but it will take forever to clear them & wont be done with in the interest free period. They are Halifax at £130 a month & Virgin at £50 a month. I have a business loan (for a business i no longer have) at £147 a month, another loan at £65 a month. I have been looking at this every which way & now i have confused myself & got brain ache. Any ideas please?

It is very unlikely to save you money especially if the CC are interest free and the loan a low interest rate. You will also struggle to refinance a business loan without a business plan etc. What interest rates are you paying on the CCs which are not 0% and the 2 loans. I would suggest you put up an soa so we can advise further

http://www.stoozing.com/soa.php

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Debt consolidation any advice please

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