Please help, I'm new on here!

Sugababe

Hi

I would like some help, i want to pay off my debs as quickly and as easy as i can. i have a credit card with a balance of £1,600 and a Loan of £800. Ideally i would like to pay both of these off and just have one payment going out at the end of the month, I can afford to pay between £100 and £150 back each month. please suggest which way i should go about this.

thanks

pania

Hi Sugababe how much are the monthly payments currently along with the APR on the CC. Would strongly advise against consolidation, I think you could tackle this debt pretty quickly.

RAS

hi

have a look at the snowball on www.whatsthecost.com

What you need to do is pay off the most expensive debt (the one with the highest APR) first.

Sugababe

what do you mean by consolidation? how do you reckon i could pay them off pretty quickly?

thanks for replying to me

judi24

HI and wellcome Sugababe
Consolidation is the process of adding your debts and taking out a loan to pay them off as a whole - the problem is usually the loan is over a longer period to keep payments down but you end up paying more because you pay more interest in the long run. There is also a temptation to reuse the credit card before the original amount is paid off on the loan therefor increasing your debt - as I have several times in the past!!!! as for paying your debt off quickly - that depends on how much you can pay each month. This can be increased by following the fantastic advice you will get on this site!

The experts on this site (not me I hasten to add!) will advise you to post a statement of affairs which is basically a list of everything you have comming in and going out per month - which others will look at and advise you on any ways you could save money which you can use to pay off your debt.

I hope that makes sense - It seems a bit long winded!
Check out the stickies at the top of forum for more advice.

Good luck xx

Sugababe

okihere is what comes in and goes out each month.......

wages £1000

out
rent £110
Car Insurance - between £30 to £40
Phone Bill £20
Loan £58
Credit Card £50
Petrol £60
Other £60

i want to pay back £100 to £150 pound back. have tried a few companies they have refused me another, but is getting a new loan to pay it all off easier or trying to find a credit card with so many months no interest, with free balance transfer with a balance high enough to pay off all my debs in one go?

please help

Numpty_Monkey

:hello: Hi Sugababe,

for the really brilliant people to give you some advise have a quick read of these links

Guide to newbies
http://forums.moneysavingexpert.com/showthread.html?t=562271

DFW dictionary
http://forums.moneysavingexpert.com/showthread.html?t=672601


Hope that helps
It really is nice here:A

pania

ok hon, so you are paying £108 at the moment, out of the loan and credit card which has the highest interest rate? my suggestion would be to overpay whichever has the highest by the additional £42. you have quite a surplus there, if you spent a few months with a little less per month you could easily overpay the highest APR by £100 and be rid of that debt very quickly...
Good luck!

Sugababe

the credit card has the highest rate, and the loan has a fixed rate of £58 to pay back each month, it's not my loan thats the problem its my credit card it never seems to go down, does anyone know of any other credit cards which would benefit me cause i get charged interest on mine