I'm paying off more interest than loan at the moment, and feeling like I'll never get it all cleared. What are my options?

I'm paying off a credit card and a personal loan at the moment, and can only afford to pay off the minimum on my credit card. Interest on the loan is 7.9% and on the credit card at 17.6%. Obviously the card needs to go first, but I don't have enough spare cash for that and the loan. Is there anything (besides more borrowing) that I can do to sort this out?

Asked by katie.jenkins

1 Answer

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Answered by James Brooke, IFA in Walthamstow, GREATER_LONDON
The first thing is don't borrow any more money and cut up the credit card if you have not already done so. You do not say how much you have on the credit card and how much on the loan, but if you have no spare money and are only making the minimum payments then I'm afraid there is nothing you can do unless you can find a way of increasing your income.
Don't worry, if you keep up the payments you will eventually get it cleared. | 12.22.10 @ 15:55
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$commenter.renderDisplayableName() — {comment} | 09.23.17 @ 23:39
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Answered by

James Brooke
James Brooke, IFA in Walthamstow, GREATER_LONDON

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