Loans to pay off credit cards!!!

gigglesillymadcow

I have 5 credit cards and am trying to get a loan to pay them all off ao that my monthly payments are lower and the money is going to one company and not 5!

Im going mad as i have been refused loans and dont know where to go to next.

I really need to get my payments lower as i really can afford what im paying at the moment!

I am serriously useless with money and getting credit cards was THE worst thing i ever did!!!!!

Kavanne

How many loans have you applied for and been declined for so far?

dhassen

I'd maybe have a look at the Debt-Free Wannabe board, for lots of advice and tips on money saving.

Generally, consolidation loans are a bad idea (and frowned on here!)

If you've been refused for loans then you're unlikely to get one now what with the searches on your credit file.

Snowballing is a better idea than a consolidation loan, and should save you money, if you are able to do it.

You should definitely post a similar message to this one in the DFW board, you'll get loads of advice and help.

GeorgeUK

STOP applying for credit

You can usually have about 3 credit checks in a 6 month period before your credit score starts to suffer. To decrease the payments, you may need to get a lower monthly minimum payment creditcard.

Virgin money are offerring 0% BT for 15 months. 3% min 1st month, then £25 each subsequent month. If you don't already have an account with Virgin, i'd advise requesting a CC from them. Otherwise make no more applications for about 6 months.

You could post up a SOA and we'll try to advise the best way to deal with the debt. The calculator is quite useful.
http://www.makesenseofcards.com/soacalc.html

Also have a look at the snowball calculator at https://www.whatsthecost.com