It might be better for you to think about taking out a loan to pay off your non-priority debts. This is called a Debtconsolidation loan. You can use a consolidation loan to pay off things like credit card debts and loans.
If you can afford the repayments, have stable finances, then this is a viable option for you. If you are thinking of borrowing to pay off your debts:
make sure you have enough money left in your budget to afford the repayments
check you can afford the repayments for the whole life of the loan
Read our Debt Consolidation vendors section for the best companies to do this with!
If you get a consolidation loan to pay off your credit card loan, please close off you credit card account and don’t use it anymore!!!
Make sure you don't borrow from a loan shark (someone who lends money without a licence. This is HIGHLY illegal). You can report loan sharks on a confidential helpline at: 0300 555 2222.
Please remember we are doing this because we have been there and know what is like. The companies we mention usually know us by our site, so be sure to mention our name.
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