bank loan to repay debts

edward1m

My wife and I are looking to reduce our monthly outgoings so we can save for a deposit on a house.
Currently we are paying out more than £600 a month on four credit cards and a bank loan. Should we take out a new loan to cover these?

Hippychick

Honestly, I wouldn't do it it is never a good idea to consolidate.

If you want to reduce your monthly outgoings please post a statement of affairs (incoming outgoing and debts with apr's) we can then make suggestions as ways to trim your budget and get the debt down. Please don't worry about posting your budget we are not here to judge merely help.

Invariably many people have found that they consolidate, don't cancel the old cards and rack up even more debt, never a good idea.

edward1m

Debts:
Total
Visa card = 3329.17
Capital One = 435.71
Tesco = 1711.30
Barclays = 637.10
HSBC Loan = 6517.80

Month
617.40

Income:
£1500.00ish month

tealady

Hi. We need a lot more info in order to help you. There is a sticky at the top for new people, if you list your income and outgoings then we will be able to see where you can save money.