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advice on managing loans

  • 28-06-2009 10:54am
    #1
    pheonix1234
    Closed Accounts Posts: 47 ✭


    I need some advice about how to reduce my loan repayments as they leave me with very little money left each week.
    I have 2,500 on my credit card, I would love to get that down as much as possible. I also have 6,000 credit union loan which I am paying back 30 per week being stopped from my wage. I also have another credit union loan of 1,500 which I am paying back 20 per week. This is all giving me sleepless nights. I was thinking it would be a good idea to go to the bank and get a long term loan of 10,000 to clear all of these. Would this be a good idea? I hate this hanging over me. Any advice would be appreciated.


Comments

  • #2
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,957 Admin ✭✭✭✭✭Toots


    It might be worth while checking out the possibility of amalgamating all the loans, you could take out the loan over 5 years (some places will allow you to borrow for up to 7 years) which could mean lower payments. If you do this, I'd advise getting rid of your credit card, or else lower the limit to something like €500, the bank may well get you to do this as a condition of the loan. The only thing is, banks are reluctant to take on other institutions' debts. Would the credit union do a restructure of your debts for you?


  • #3
    romah
    Closed Accounts Posts: 150 ✭✭romah


    pheonix1234 wrote: »
    I need some advice about how to reduce my loan repayments as they leave me with very little money left each week.
    I have 2,500 on my credit card, I would love to get that down as much as possible. I also have 6,000 credit union loan which I am paying back 30 per week being stopped from my wage. I also have another credit union loan of 1,500 which I am paying back 20 per week. This is all giving me sleepless nights. I was thinking it would be a good idea to go to the bank and get a long term loan of 10,000 to clear all of these. Would this be a good idea? I hate this hanging over me. Any advice would be appreciated.

    I would look at your different loans in VERY DIFFERENT ways1. CREDIT CARD - your credit card balance is the one that i would be most concerned about. The €2500 balance is probably costing you maybe €40-€50 a month in interest alone (i am guessing here...) but it is the one that you need to work on the most . You have the option of switching credit card companies to give you a 6 month interest free ..but focus on geeeting this balance paid in full. In future use your credit card and pay for it in full when the bill arrives. (i know its easier said than done but ...) 2 CREDIT UNION LOANS Your first credit union loan that is deducted from your wages is paid for before you have your wages to spend. Dont worry about this at all . I am sure the credit union is very happy with you because you are up to date on the repayments.The second loan is a small amount with €20 a week repayments seems pretty affordable ??Advice : Get rid of that credit card balance..


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