Advice needed Re debt

[Klesser]

Hi i am a new poster and would apprieciate some advice.
Firstly my income is €485 per week + 150 per month + 200 every 3 months
My fixed expences Rent: 150 per week
childcare: 100 per week
loan repayments: 50 per week. (have 1200 let should be paid off soon)
I have chourus which costs 25 per month
Bins: 32 per month
Life assurance: 23 per month
ESB: about 100 every 2 months
Gas: prob will be 150 every 2 months
My problem is i have recently got into debt of Credit Card: 2,600 and overdraft 700. Even though i am on a low income i have always managed my bills well and managed not to use my credit card too much. but have had some very bad luck recently.;
I am thinking of either switching to a different credit card to avail of the interest free period but that wouldnt help the overdraft.
So maybe a consolodate loan would be better?
Thanks in advance

 

[Irishchappie]

Loan consolodation might be the best bet here.

Just looking at the bank of scotland [broken link removed] they are offering 7.2% apr fixed and a loan covering your outstanding loan, credit card bill and overdraft would work out at €63 per week for 18 months. (This doesn't include payment protection) This would only cost you just over €265 for the loan.

Might be better than you paying the minimum credit card balance (I assume its around €120+ per month) plus €216 per month in loan replayments.

With fixed rate there maybe penalties if you clear early but at least you know in advance what you will be paying and its easier to budget this way if on a limited income.

I.C

 

[ClubMan]

Loan consolodation might be the best bet here.

Ideally if you schedule the topup over a similar term to the loans that it replaces - e.g. over a couple of years rather than a couple of decades! In the latter case you could end up paying a lot more in the long run even if the monthly amount is less.

 

[lff12]

Hmm. Would be inclined to look for a better job. Things are pretty good on the job market right now and if you can increase your net income by 50 a week it might make things a bit easier. Are you claiming all your tax credits?