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which is better?
iwanttogoonholiday
Posts: 343 Forumite
i have a couple of debts and a overdraft of 1000 which i pay interest on,figure it will take me 3 years or more to pay it off as thats all i can afford,is it ever a good idea to take a loan to pay it off and credit wise is it better to have one loan rather than 4 seperate debts?
Learning to keep within budgets !
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can anyone help?Learning to keep within budgets !
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If you can get a loan at a lower interest rate and consolidate them all then surely this will be a better option. BUT dont' fall into my trap - get the overdraft removed and suchlike.0
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You would need to cancel all the cards as well.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.0 -
I know it's not a great help, but if you're starting to struggle with debt, then 'nice' things should be the first thing to go, and that includes holidays.
When your debt is under control, then you can have nicer holidays etc.A friend is someone who understands your past, believes in your future, and accepts you just the way you are.0
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