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Sorting out debts - loan or credit card

(8 Posts)
sooperdooper Tue 27-Dec-16 10:25:38

I need to get my debts in order, I'm making payments of about £350 a month and it's killing me - its on credit cards and mostly on 0% but because the minimum payments are set it still feels high

I'm tempted to get a loan to cover the lot where the monthly payments are lower but I'll know after x years it'll all be gone, with credit cards it just never seems to go anywhere.

Is that a good option? It just feels like there would be an end in sight that way (and chopping up cards/closing cc accounts)

LIZS Tue 27-Dec-16 10:27:51

Take advice from stepchange or money advice centre. Debt to pay off debt doesn't seem ideal.

horizontilting Tue 27-Dec-16 10:36:06

www.mumsnet.com/Talk/legal_money_matters/a2317797-Debt-mutual-support-thread-number-7-Spring-is-coming-let-the-sun-shine-into-your-finances-and-your-life

Post on this thread, OP. Ongoing support and advice.

horizontilting Tue 27-Dec-16 10:38:05

Oops, sorry, this this is the most recent one:

www.mumsnet.com/Talk/legal_money_matters/2465435-Drowning-in-debt-and-cannot-talk-to-people-in-Real-Life-A-problem-shared-is-a-problem-brought-into-perspective-come-and-join-the-lens?

sooperdooper Tue 27-Dec-16 10:40:12

Thank you! Will pop onto that thread now

Janek Tue 27-Dec-16 10:48:32

If you are paying off 0% credit cards then the debt must be decreasing. You will pay interest on a loan, somwill be more expensive. Make sure all credit card debt is transferred to a 0% credit card and then make sure you paynit off before the interest free period is up.

And don't spend on the 0% credit card. Ever.

sooperdooper Tue 27-Dec-16 10:50:07

Yeah it is going down but it feels like a lifetime before it'll be gone, I just like the idea of a fixed end of a loan that I can visualise

SciFiFan2015 Tue 27-Dec-16 11:40:38

If you are 0% credit you can't beat that with a loan. Treat the credit card like a loan instead. Up the payments. Give yourself a payment schedule. Write down the end date in your calendar. Visualise the end of the debt in the same way you could/can with a loan.
This will only work if you no longer purchase this in the card and can afford to increase the payments.
Good luck.

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