How to best clear my debts??I am 鎷?K overdrawn. and owe 鎷?k split between two credit cards?

I am 鎷?000 overdrawn with the bank....on top of that i owe 鎷?000 on my credit card to nationwide and 鎷?000 to Halifax one credit card (its new so i have the interest free period). I am wondering the best way to clear this? Is it better to carry on with my credit card payments or is it better to get a loan and just consolidate my debts? I see asda are doing a loan at 5.5% would this work out better monetary wise to pay this loan off over a period than an overdraft and two credit cards? what loans would be good?

How to best clear my debts??I am 鎷?K overdrawn. and owe 鎷?k split between two credit cards?

Most loans with reasonable rates of around 6-7% are for lending in excess of 鎷?000. As you have an interest free period I would keep paying off the minimum amount on that card whilst paying any extra cash on the highest interest rated debt. Sometimes if you clear credit cards they will offer you another interest free period or very low interest rate to get you back. You may be able to transfer your Nationwide card debt to Halifax and Nationwide may offer you a sweetener, then you could transfer your overdraft. If you opt for a loan for say 鎷?000 over 5 years, you could expect to pay around 鎷?0-100 per month to clear the debt. Of course you should try not to use your existing credit or you%26#039;ll end up with a bigger problem. Be wary of bankruptcy or IVA advise as it sounds like a quick fix but can have repercussions with your credit rating later on.

How to best clear my debts??I am 鎷?K overdrawn. and owe 鎷?k split between two credit cards?

Typical loan rates are lower than credit card rates. I know in America credit scores are higher if you don%26#039;t have any cards with over 50% balance so it helps to have them on two cards. most of all I would recommend you stop spending as much and pay it off ASAP, that is cheapest

How to best clear my debts??I am 鎷?K overdrawn. and owe 鎷?k split between two credit cards?

least no-one will want to tap into your computer

How to best clear my debts??I am 鎷?K overdrawn. and owe 鎷?k split between two credit cards?

If you%26#039;re really in trouble you should look into bankruptcy or contact your creditors and see about restructuring/ renegotiating you debts. You%26#039;d be surprised at how cooperative they are sometimes, especially when faced with the possibilty of a complete default.

How to best clear my debts??I am 鎷?K overdrawn. and owe 鎷?k split between two credit cards?

Go and have a chat with your bank, send a letter to both card companies and explain the situation. Tell them that you can only afford to pay %26quot;x%26quot; and that adding on the interest will mean you will have to go bankrupt and then they will get nothing, I presume that you either rent or live with parents.

If you go bust make sure you give your car to either parents or whoever %26quot;in payment of debt to them%26quot; before doing so, but DO make sure you write to the banks first and do the offer.

How to best clear my debts??I am 鎷?K overdrawn. and owe 鎷?k split between two credit cards?

Stop spending in British pounds. Try a lesser currency, like the Peso.

How to best clear my debts??I am 鎷?K overdrawn. and owe 鎷?k split between two credit cards?

i would really not advise a loan. i have a huge amount debt just now - in excess of 鎷?0K! getting another loan will not solve your problems, just focus on paying them off as they stand. if you are in the UK you can speak to CAB, they will give you help and offer lots of great advise. cut up the cards and ask your bank if you can start to %26#039;manage%26#039; your overdraft down, by paying what you can afford to it weekly or monthly.

i wish you every success, but please don%26#039;t take out a loan!

How to best clear my debts??I am 鎷?K overdrawn. and owe 鎷?k split between two credit cards?

If ASDA will loan you the cash, clearly that is the smarter %26amp; cheaper path to take, but I suspect you will not qualify if you have that large an overdraft, since that will have damaged your %26quot;credit score%26quot;.

Cut up your credit cards, get an extra job or two, and eat nothing but beans %26amp; rice for six months, or your debt will follow you around until you qualify for your pension!

Best wishes...