I need some advice please!!
Ok...current situation is that we have $13,000 of credit card debt and really need to get it paid off! Interest rate on card is 20.49% - and we seem to have around $150-180 per month of interest charges. We are paying more than the minimum repayments each month but are getting nowhere!
We have talked about getting a personal loan to pay off the card - which I have been approved for at 15.8% over 7 years (we would be aiming to pay over 2-3 years, but as I am about to have a baby this would allow for months where we can't pay as much).
Now I am confused - should we go ahead with the loan, which would mean having set minimum repayments OR do we stick with a maxed out card and have automatic transfers for a certain amount????