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Getting financial advice
Former Member
Posts: 1,876,323 The Mix Honorary Guru
I have a credit card and 2 student overdrafts (although I'm paying interest on them now) and I want to pay them off.
Is there somewhere I can go or someone I can speak to for free to get advice on how best to do this? I have been on MoneySavingExpert and read that I could transfer my credit card balance to a 0% one but apart form that I found the informaiton about loans etc a bit daunting.
Is it best to speak to banks individually or is it better to consolidate all my debts? I did speak to one bank last year about turnign ym overdraft into a loan but I had missed out on an interest free one as I graduated in 2006.
Thanks
Is there somewhere I can go or someone I can speak to for free to get advice on how best to do this? I have been on MoneySavingExpert and read that I could transfer my credit card balance to a 0% one but apart form that I found the informaiton about loans etc a bit daunting.
Is it best to speak to banks individually or is it better to consolidate all my debts? I did speak to one bank last year about turnign ym overdraft into a loan but I had missed out on an interest free one as I graduated in 2006.
Thanks
0
Comments
Consolidating your debts into a loan is never the best option though, you are basically just moving the debt rather than paying it off, and more often than not end up paying more back.
as you've said, try a balance transfer to a 0% card, pay off as much as you can afford.
Also, always pay your highest interest debt first.
wouldnt worry about your overdrafts to begin with as you'll more than likely be on Grad accounts, so get rid of the credit cards first.
other than that, budget better, spend more on paying debts off than spending more. its not easy though.
if there is anything in particular you want to know just ask and i may know...