I recently read an article that says the best way to get out of debt is to actually, like, face up to your debts. Well, today’s that day!
I currently have 4 maxed out CC’s. Two from one provider, the other two from different places. The total is just over $15,000NZD, and I’ve reached a point where, while I can still afford to meet payments, I’m only just scraping in above the required payment / interest. And it sucks.
I’ve been doing some research and as per the thread title I’m currently weighing up two options: consolidation or settlement. From what I’ve read, there’s a number of Pro’s and Con’s for either. From the looks of it, I’m leaning towards a consolidation loan as, with the lower rate, I should be able to blast through at least some of this amount fairly quickly. Given that the crazy high rates on these cards is the main thing that’s holding me back.
So, now I throw it over to you. Do you have any advice on my next steps? Anything I’m missing? Have you used either, and if so why? Any other resources I should check out would be great too.
If any extra info would help, just let me know. Thanks in advance!