Managing credit card debt

AJandkids

Hi,
I currently have 2 credit cards amounting to approx £3900 each. Wanted to get advice on taking out a loan to pay these both off and then paying a loan back? TIA

fatbelly

Why get a loan when you should be able to balance transfer to a 0% card?

MyRealNameToo

AJandkids said:

Hi,
I currently have 2 credit cards amounting to approx £3900 each. Wanted to get advice on taking out a loan to pay these both off and then paying a loan back? TIA

What "advice" do you need? 

Many here are against debt consolidation loans, people have a nasty habit of getting a loan to clear their credit cards and then continuing to spend on the CC so a year or two later they now have both credit card debt and a loan.

CliveOfIndia

The other downside of a loan is simply acceptance.  Since a lender cannot force you to use the loan to repay the cards, they have to assume that the loan would be in addition to - not instead of - the credit card debt.  Hence you may fail their affordability checks.

Balance Transfer to a 0% card if you're able.  If not, head over to the Debt-Free Wannabe board, post up an SOA and let the good folks on there offer some constructive advice.

born_again

If yo go the loan route, then make sure that you close the CC's or in time you will in a even bigger mess. 

Debt free would be a good place to read though. Along with a SoA to judge affordability.