Soldato
- Joined
- 5 Jul 2007
- Posts
- 5,505
- Location
- London
Hi there,
I'm not normally one for this sort of thing so bear with me.
The past two years or so I've been living beyond my means slightly, this is after having been to university. As a result of this I've run up my fair share of debt. I've since completely cut down my living expenses to a sustainable level and am paying back what I owe.
I owe just over £5000 at the moment. £2000 of that is student overdraft of which I am now paying 17% on, another £2000 is on a 0% balance credit card, and another £950 is on a 16% credit card. Realistically I can pay £200-250 off a month comfortably.
My employer is currently offering loans at 6.1%, as an employee I benefit from a 1% discount. So i could effectively borrow £5000 over 3 years at 5.1% and consolidate all my debt into one pay monthly solution.
Is this sensible? I feel like I want to get everything into one place and be done with credit cards, as they are just not the way forward for me.
What would you do?
I'm not normally one for this sort of thing so bear with me.
The past two years or so I've been living beyond my means slightly, this is after having been to university. As a result of this I've run up my fair share of debt. I've since completely cut down my living expenses to a sustainable level and am paying back what I owe.
I owe just over £5000 at the moment. £2000 of that is student overdraft of which I am now paying 17% on, another £2000 is on a 0% balance credit card, and another £950 is on a 16% credit card. Realistically I can pay £200-250 off a month comfortably.
My employer is currently offering loans at 6.1%, as an employee I benefit from a 1% discount. So i could effectively borrow £5000 over 3 years at 5.1% and consolidate all my debt into one pay monthly solution.
Is this sensible? I feel like I want to get everything into one place and be done with credit cards, as they are just not the way forward for me.
What would you do?