Credit Card debt - help please?

lulu41_2

Hi I am new to the forum so there may well be the post somewher else. I currently have £15,000 - £16,000 on my cards with most of it at 0%. Feeling a little bit out of control - have missed a couple of payments not due to lack of funds but dates etc etc so have set up direct debits now to solve that problem. But am wondering which is my best way forward to paying this lot off ie. remortgage/secured loan/personal loan or just budgeting better and trying to get as much paid off as I can? Any suggestions welcome

N9eav

Hmm. Tricky one :think:

The main problem with having too many cards is that you have to remember tp pay them all. Then you have to remember when the deal runs out and try to transfer the balance. These days there is almost always a 2-3 % transfer fee, which equates to fairly hefty interest on a 6 month deal.
You also have the issue of minumum payments.

If it was me I would be looking for a flexible low interest loan or credit card that would enable me to keep it all in one place. That way I could pay off as much or as little as I could afford without a tie in.

You could slap it on the Mortgage and write it off and forget about it. You will end up paying a lot more in the long term as it's over 20 -25 years etc. But at least it's smaller monthly payments.

A lot depends on your financial position. I am sure others will put in their tuppence worth.

kunekune

Go to the debt free board, they will help you.

lulu41_2

Thanks for your posts

Toastie

I have the same problems, when you say 0% i guess you mean that the interest is so far at 0% Look at about 8-6 weeks before this expires at transfering the debt, or atleast some, on to another credit card. Although there is a 2-3% fee for transfering it could make it easier in the long term. Really it all depends on your earnings, any other debts like a mortgage.

http://www.whatsthecost.com/snowball.aspx

Enter your details and see what the calculator suggests. You might be suprised how by simply spending less in everday life and using it on credit cards the difference. Also:

http://www.moneysavingexpert.com/cards/minimum-repayments-credit-card#calc

This gives you an indication of how long it would take just doing minimum repayments.