23 May 2015

A question about : Debt Help / Ideas

Hello all I am just after a bit of advice please.

My current debt is as follow....

Credit Card 1 = Ј2122.65 (18.9%) - I pay min Ј50 a month
Credit Card 2 = Ј6775.72 (0%) for 28 months - I pay min Ј146 a month
Loan = Ј5326.38 (9.4%) 29 payments left !!! - Ј181

I would like to get my monthly payments lower and STOP paying interesttitle=Mad. I won't mind getting rid of the loan and credit card 1 by using a balance transfer on a 0% credit card. Is that a good idea? All advise and help would be gratefully received.

Regards

Dad Trying To Save title=Big

Best answers:

  • Post an SOA and have a look at the snow ball calculator.
    You would need a 0% with a hefty limit to move the loan and the CC 1.
    If you are paying the minimums already I am not sure how you could lower your payments, unfortunately I think you are stuck with them, If you can't get a 0% BT the best way to save interest is to pay it off quicker not slower.
    I suggest you read this (if you are not offended by colourful language that is).
    https://www.mrmoneymustache.com/2012/...-an-emergency/
    Good luck with it, keep posting.
  • You really need to put every spare penny toward CC No 1.
    At Ј50pm, it's going to take 69 months to clear it, and cost close on 2/3rds of the current balance in interest.
    I agree with moohound, post an SOA.
    If you could economise enough, to merely double the payments to CC No 1, you could take 43 months off the time to clear it, and save yourself Ј888 in interest.
  • I would try and transfer the CC to a minimum repayment card. It's not impossible to get a balance high enough to transfer the loan too, but it will depend on credit rating and salary. Try to CC first and try to increase the repayments, even Ј10 will help.
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