Advice on my current monthly outgoings!

[blutack]

Age: 38


Annual gross income from employment or profession: €62K


Type of employment: Manager, Private Sector


I am spending more than I earn


Rough estimate of value of home €250K
Amount outstanding on your mortgage: €309K
What interest rate are you paying? 5 Year Fixed at 4.89%, in year 2 of Mortgage

Currently on Interest only of €1250/Month


Other borrowings;

car loan - €7500 with GE with one year left, €475/Month
credit union - €3000, €300/Month


Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card?

Tesco Credit Card - €1700
TSB ICE - €1400
Credit cards not in use anymore.

Savings and investments:

€1500 in Credit Union
€8000 in Personal Bond

Do you have a pension scheme? Yes with work.

Do you own any investment or other property? No

Ages of children: 0

Life insurance:

Any help would be grateful....

I would like to try and consolidate the car loan and credit cards..any advice?

Thanks in advance.

 

[Mr DT]

Do the bonds have a maturity date? Or can you access them at any time?

If you can access them at any time then..........You might not want to hear this but you need to use your savings to get rid of your expensive credit card debit, followed by some of your loan.

We all like to have a little tucked away in case but i bet you what you are earning on your savings is much less than what you are throwing away with interest on your cards/ loans.

Get the loans out of the way and then start to save.