I have a couple of credit cards and loans ..
3500 on a credit card - paying minimum payments each month and paying about 60 in interest.
2000 on another credit card - the way it is I'm meeting the full payments required each month at the moment.
2500 on a loan and 2000 on another loan.
That's debt of about 10k.
I was thinking of getting a personal loan for 10k and paying off 200 a month over 4 years.
Does anyone think this might be a better option than how it's all going at the moment?
Thanks for the advise
p.s. yes, the credit cards will be gotten rid of once paid off.
++ edit
Sorry, only just read the sticky and I've answered some of the questions below ..
Age: early 20s
Spouse’s/Partner's age: n/a
Annual gross income from employment or profession: maybe 1600 a month
Annual gross income spouse: n/a
Type of employment: e.g. Civil Servant, self-employed don't really wanna answer
Expenditure pattern: In general are you spending more than you earn or are you saving? yes
Rough estimate of value of home n/a
Mortgage on home n/a
Mortgage provider: n/a
Type of mortgage: Tracker, interest only, fixed rate n/a
Interest rate n/a
Other borrowings – car loans/personal loans etc credit cards with 2000 and 3500. loans for 2500 and 2000
Do you pay off your full credit card balance each month? not the one with 3500 due on it
If not, what is the balance on your credit card? as above
Savings and investments: n/a
Do you have a pension scheme? n/a
Do you own any investment or other property? no
Ages of children: n/a
Life insurance: n/a
What specific question do you have or what issues are of concern to you?
3500 on a credit card - paying minimum payments each month and paying about 60 in interest.
2000 on another credit card - the way it is I'm meeting the full payments required each month at the moment.
2500 on a loan and 2000 on another loan.
That's debt of about 10k.
I was thinking of getting a personal loan for 10k and paying off 200 a month over 4 years.
Does anyone think this might be a better option than how it's all going at the moment?
Thanks for the advise
p.s. yes, the credit cards will be gotten rid of once paid off.
++ edit
Sorry, only just read the sticky and I've answered some of the questions below ..
Age: early 20s
Spouse’s/Partner's age: n/a
Annual gross income from employment or profession: maybe 1600 a month
Annual gross income spouse: n/a
Type of employment: e.g. Civil Servant, self-employed don't really wanna answer
Expenditure pattern: In general are you spending more than you earn or are you saving? yes
Rough estimate of value of home n/a
Mortgage on home n/a
Mortgage provider: n/a
Type of mortgage: Tracker, interest only, fixed rate n/a
Interest rate n/a
Other borrowings – car loans/personal loans etc credit cards with 2000 and 3500. loans for 2500 and 2000
Do you pay off your full credit card balance each month? not the one with 3500 due on it
If not, what is the balance on your credit card? as above
Savings and investments: n/a
Do you have a pension scheme? n/a
Do you own any investment or other property? no
Ages of children: n/a
Life insurance: n/a
What specific question do you have or what issues are of concern to you?