a bit of advice if anyone can give some!

[blackmonday]

we have a large mortgage which has just come off it's fixed rate. we have a fairly large amount of credit card debt. When we get a new mortgage deal we will not be able to meet the min payments on credit cards (which we have now cut up i might add!)plus the mortgage. We have seen a mortgage broker who can get us a deal to consolidate our cards with our mortgage. We will just be able to afford the payments on this as long as everything goes well. I can't afford to loose my good credit rating as i work in financial services. What would you do? would you consolidate? i'm a bit worried about turning unsecured debt into secured debt but at the same time can't afford to meet payments on credit cards whilst paying new higher mortgage. can't get an unsecured loan as i've tried this. Help!

Not an expert but wanted to give you my sympathy. The sensible thing to do is to consolidate. If you pay the minimum on your credit card you are just paying interest at a ridiculously high rate.

I have worked in financial services and wasn't aware that it was particularly a problem to have a bad credit rating although of course it's not generally a good thing.

Might be worth asking the CAB for advice if you haven't already done so.

I'd consolidate it - BUT make sure it is a better rate than the credit card is.

Can you switch the credit card debt to a' 0% interest on balance transfer 'card. We ahve just done that we a Sainsbury card. Really helps.

thanks for your help. i've switched and switched between the cards i've got and have tried applying for new 0% cards but it is hard to get approved now. They seem to be very fussy about who they lend to (and rightfully so . It's very important i've got a good credit rating as my firm do regular checks and take it very seriously. How can i help clients with their financial affairs when i can't even control my own? We are leaning towards the consolidating option but this is going to give us a pretty hefty mortgage which is scary. still only 80% ltv so not as bad a situation as some are in i suppose.

Good luck. It's stressful isn't it.