Credit cards and loans....

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malef!c

malef!c

malef!c

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Just a quick question but if I have a loan at one interest rate and a credit card at another rate (thats not paid off every month, yes I know no lectures please) would it be better to consolidate them into a single loan with a slightly longer term or keep them seperate?

I think its an obvious question but thought I would check incase I have spazzed up somewhere!

Cheers :)
 
I'm sure there is a point to everyone just quoting the same thread and adding nothing of use to it....shame I can't see it.
 
Sometimes on these kind of threads it will only get one response, then the OP will pop back up saying 'Anyone?? You're ignoring meeeeee!' because everyone else has looked at that one response and decided he's already got the information he needs. I'm just saying I agree :)
 
Well the quote pretty much sums up the answer.

The OP has gave no real info about rates he is paying etc so whats the point in asking.

End of the day he is controlling his money he should figure it out himself.

That a good enough response for you sir
 
He asked a poor question and got the only sane reply. Ergo the sane reply has been quoted because to add anything else would be silly.
 
stoofa said:
I'm sure there is a point to everyone just quoting the same thread and adding nothing of use to it....shame I can't see it.
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+1


Well not really :p It's just the same tho, its letting the OP know that other people agree with that quote..

Much better than people typing the same response but worded in a differant way, then we would be wasting time reading stuff over and over.

And yes i realise this post it also pointless
 
Adsta said:
Well the quote pretty much sums up the answer.

The OP has gave no real info about rates he is paying etc so whats the point in asking.

End of the day he is controlling his money he should figure it out himself.

That a good enough response for you sir
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Jeez sorry I asked a question in a forum and thought I might get some sane responses. If further details, such as interest rates, were needed why didn't someone just ask the question instead of trying to puff up their cyber wang and quote the first person in a thread.

And no, I am not one of the poeple who keep bumping threads with the 'Well anyone'.

Again, please forgive me for asking a question in a forum and not mindreading what details you were after whilst posting your cutting quotes.

I feel ashamed with my failure .... but happy that I am not as, now how to put this politely, petty perhaps as most of the people here who are out to look big behind a keyboard and try to belittle me whilst not ask for the details they would need to actually give me a sensible answer.

As for
End of the day he is controlling his money he should figure it out himself.
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- just admit that you don't know, its not a bad thing - admitting it is good for the soul.
 
Cyber Wang :D got a giggle here lol.


On a seriouse note, having one single payment (aslong as its less then the two taking into account it being a cheaper intrest rate aswell) is better if nothing else you can then have that DD to come out say the day after pay day, that way you never miss the payment and you have all your eggs in one basket (well two atleast).

So maybe if you have anything else you pay monthly for, maybe car insurance? adding that into it too. Saves a whole lot of hasstle
 
You seem to have a little sand in your buttcrack.
How much debt do you have at what interest rates, what interest rate would you have if you consolidated it, how much would you be paying off each month either way :)
 
malef!c said:
As for - just admit that you don't know, its not a bad thing - admitting it is good for the soul.
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Yea dont mind me I haven't a clue, I only have to control finances for my a part of the organisation I work for and not a small company either.

As mentioned before and I will highlight again the OP was a poorly contructed question. You added no figures to work with so how can anyone give you any advice other than

Work out how much you'd repay and theres your answer.
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That is the only sane answer.

Oh and next time don't make assumtions on my personal life. I was merely stating the flaw in your OP.
 
The short answer is a loan will almost certainly be cheaper than a credit card if it's paid off over the same period. If you think you won't be paying it back quicker than you would do a loan on a DD then consolidate the two and simplify things.

You may decide that you want a single loan over a longer period so you have lower monthly repayments. The amount you pay in interest may actually be the same or more but it will take the pressure off each month.

It's worth speaking to the bank. One thing to consider with loans from the bank is although the interest rate is not always the best you won't get interest penalties for early repayment like you often do with loans from firms. Sometimes the loan is the loan and you have to pay back the full agreed amount whether it lasts the full term or if you pay it back early. I chopped and changed my graduate loan lots of times and paid the balance a year early and they took off any interest remaining.

Definitely go and speak to the bank. It's what they have the bored looking staff for after all :)
 
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Thanks for the more sensible replies, I have got to have a chat to the building society about a new mortgage deal in a week or so anyway so will see if I can grab someone for a chat there as well for a loan chat.
 
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