Long story short;
I have about £1700 of short-term debt across 3 credit cards, on top of that a loan for my car on a 4-year PCP agreement.
What are the best options for getting rid of all my short term debt? As I don’t want it becoming long term debt. I have a balance transfer card, however I’m not too sure on whether it would be worth piling all the money onto it, throwing away the card and paying it all off? Or whether to take out a small loan, pay that back because then I have no choice but to pay it, but I do have interest rates then.
Ideally, I want to get back to no credit, higher savings and budgeting. I got the car as a must, I require it for work. But I want to be at a point where I can close credit card accounts, possibly keep one open, tucked away in a drawer for complete emergencies? Have a better savings’ situation setup as I’m trying to put more into a LISA to put towards a house deposit.
I’ve also been on an eBay listing spree to recoup some money to put aside within Monzo labelled “debt pennies” which I used to pay off credit card balance.
All tips would be helpful, just want to get back on track with my finances
Edit: Unable to do a Balance transfer from other two cards to my Halifax account. Slightly annoying.