Financial Advice...

helpimcrap · 7 Dec 2007 at 16:54

I have a reasonable lump on a c/c and was thinking of sticking it into a personal loan. would this be wise or is it better to try and keep spreading it across 0% cards? it seems like i always have no money when if i took out a loan and paid them off and cut them up i might be better off?

or can someone else suggest a better way?

Cupra · 7 Dec 2007 at 17:03

if you get a loan stop the credit cards as ull end up with dubble the debt otherwise

martinturner · 7 Dec 2007 at 17:34

Keep it on CC's with 0% for as long as you possibly can. Just remember to cut the cards up as soon as you receive them so you are no longer tempted to put more on them. It will eventually go down. You just need to get your process sorted and then forget about it (well not the payments obviously).

Kezmo · 7 Dec 2007 at 17:39

As said above keep it on 0% cards. check money saving expert.com for money savvy tips

Snowball it , as in nuke the smallest and work your way upto the biggest till cleared.

I had 5k of cc debt riding for about 2 years on credit cards, just cleared it all in the space of 5 months with help from mse.com.

helpimcrap · 8 Dec 2007 at 00:11

ok cheers for the advice, i've been looking at MSE as well but thought i'd run some ideas on here. i've got 2 cards on 0% at mo and 1 thats not. i've just transferred the bulk of the one thats not to the 0% one. so ill have all of it on 0% until july. ill just have to try hard to clear it but its incredibly difficult when you are racing!