Financial advice ....

[longmanshort]

Hmmmm ... personal information - do not abuse!!!

Just been told my credit card's going up fro, 13.9% to 14.9% while at the same time they're offering me a 'consolidation' loan at 6.9%.

Now I've already got two loans ticking away (one runs out in January) and a CC bill of ... well ... quite a bit.

Consolidation loan - good idea or not?

[Mr C]

Don't do it! They're hiking up your bill enough already, don't let the bastards dig their claws in further, just pay off your first loan and then go from there.

[Matt]

CC Bill? I'd stay away from all credit offers. You'll only get offered interest rates higher than the norm. My advice, cut your credit card in half. Make cut backs on your spending habits and just keep on chipping away at those repayments. I had about 5 or 6 years from my last year of university where I spent on credit like mad. It's taken a concentrated effort of over 3 years, to pay back thousands and clear 3 credit cards. It wasn't easiest of times, but coming out of the otherside with a clear slate is the BEST feeling. I won't be rushing into spending like that ever again. I hate credit.

[Bad Andy]

I've been starting up new credit cards using them for their six months interest free on balance transfers, then six months down the line transferring the balance to another account and cutting up the old card. If they are going to keep offering me the facility I will keep doing it.

Also If you transfer all your money on to one card then phone the other credit card place and say you want to close the card off - see all the offers they throw at you.

One firm offered me 9.9 per cent on everything when I tried to do that.

[thinky]

okay okay, i get the hint...

the beers are on me next time!

thinky

[longmanshort]

It's your bloody round, anyway!!

Thanks for the advice! As regards my CC bill, everytime I pay some off it just seems like I'm chipping at a mountain using a kipper - and I don't get paid a lot so it just seems to go up beyond what I paid off!!

Might just have to chip away though ...

[Noisybast]

Heh... You're asking me for financial advice? You must be in a bad way...

[Bolt-01]

Honest Longman, just keep at it. The Bolt household are about to become a single debt household (Barring mortgage and car) and the relief will be immense.

We've resisted a good few of these 'consolidation' loans, as they always take another five years to pay off.

Saint Alvin has it right.http://images.google.co.uk/images?q=tbn:bxEcHfuQKn8J:www.bbc.co.uk/coventry/features/student/images/alvin-cash270.jpg">

[Richmond Clements]

LMS, go to your bank and ask them.
We did and it's been great, they orginised all our debts CCs, car etc and worked out just how much we are allowed to spend.
It's been a weight off, and now it's all orginised, money gathers up faster, so I can also afford to do this like go to Dreddcon, which I could not have done if I had been paying stuff off here and there as I was before.

[pauljholden]

Transfer your debt to a 0% interest credit card and cancel that one.

- pj

[Bico]

Keep switching the balance between different credit cards.  Just look for low to no-interest offers from different companies and keep transferring the balance while chipping away at the overall repayments.

[Wake]

I have a Virgin One account, which means that the only debt I have is my mortgage, and if I need to borrow money it just increases the amount of mortgage I have left to pay off. I think my current mortgage rate is 5.95% or something, because my facility (credit limit) is bewteen 50% and 75% of the value (at the last valuation) of my house.

Wake

[Devons Daddy]

years ago
when i was young and foolish i got into trouble.

but thanks to my bank they helped me talk to my creditors. helped me make repayments i could handle.three years later i was debt free.
then it was Midland i think thats HSBC these days.
worth a phone to call to such people at the least.

[Dudley]

I ignored 'em all for a few years.  Got a CCJ.  Lived without credit for a while (really not difficult).  Made some money.  Paid em off at the time of my choosing.

Can't honestly say that any of the above proved to be a problem, but it would have been a right bugger if I needed to buy a car or a house or something.

[Matt]

A credit black mark is a hard thing to get rid of though. If you do apply for various credit cards and keep shifting the balance remember to close your previous account. Every application for credit is marked on your credit record. I think you're only allowed so many per year before all credit facilities are cut off. It sounds harsh but, I had to cut back on comic purchases, pints down the pub, cds from amazon and the odd DVD. It makes a big difference.