Help me PLEASE!!!! Money

[PeckaRollover]

I have just worked out that I have 15000 of debt spread around overdrafts, credit cards and store cards. I am paying minimum payments on all of these things which amount to £357.

Surely i would be better off getting a loan and paying it all off and having a much lower repayment?

Can anyone advise which way would be best to deal with it?

Only thing is I am recently self employed - would I get a loan?

Do not consolidate - go to www.fool.co.uk - brilliant site. Have discussion boards on 'Dealing with Debt' and 'Living Below Your Means'. You will get advice that money can't buy from people who have been in similar circumstances. Can't recommend it highly enough. Please please give it a go - it will transform your life.

Have you thought about transferring the credit cards and store cards on to a 0% credit card and keep transferring to different ones until they're paid off? My friend does this all the time. As for the overdraft, call your bank and ask them for a good rate on a loan - as long as you can prove that you still have income to pay it off, you shouldn't be refused - I'm self employed too BTW

Second Rebi's suggestion of The Motley Fool . They have basic guides to all sorts of topics, including budgeting and getting out of debt, and discussion boards where people can post questions and get advice from some very knowledgeable posters who've been there themselves.

The dealing with debt discussion board is here , and the basic guide to getting out of debt is here . If you flick through some of the back posts on the discussion board you'll see that you're far from alone, and that actually facing up to the problem is the first (and hardest) step.

Don't panic, but don't rush into getting a loan. It may lower your monthly payments, but you could end up digging a much deeper hole for yourself.

Third vote - go to Motley Fool. Do NOT get a consolidation loan!

Look on www.moneysavingexpert.com for advice, ditto previous advice, really shop around and get a 0% deal, but failing everything else find out which card is charging the highest interest and then pay that one off first, in the meantime pay the minimum on the remaining cards pumping everything you have into one at a time, then cut it up! It will take time but gradually you will get rid of the debt. Most importantly I guess dont put anything else on to a credit card, if you cant afford it dont buy it, unless of course it is a real real essential.