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Advice Needed Please
JonnieHACK
Posts: 101 Forumite
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Comments
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Paying 8.4% is certainly better than 17.8% and you are swapping one kind of unsecured debt (an overdraft) for another (personal loan).
At least you will have an end in site for when you might be debt free with a loan too.
Problem is that £70 per month on £3000 is going to take you 4 years and 2 months to pay off which isn't great.
If your credit history is good you may be able to get a slightly better rate or use 0% credit cards, but given what you suggest about your earnings that many not be an option.
The main thing to make sure is that you don't run up your overdraft again, otherwise you could end up with a loan and overdraft and higher debt which is a trap that getting such a loan can lead some people into.
Good luck.
R.Smile
, it makes people wonder what you have been up to.0 -
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