Hi guys, I have 鎷?00 debt on my credit card. I just quit my job because my boss is a dictator and I couldn%26#039;t take it anymore. Now they are being difficult with the salary. It%26#039;s a long story. But the bottom line is that I need money to pay my rent and other expenses and I was thinking about taking out a loan with HSBC for 鎷?000. So in total I would be 鎷?900 in debt. I already found a new job, which I will start in 2 weeks. The salary would be 鎷?8000 pa.
鎷?900 debt... is that much? (Income 鎷?8000p.a.)?
Its manageable, and if its absolutely necessary then it seems like a fair solution (indeed, the only sensible solution).
A lot of people seem to have insinuated you should %26quot;pay it off as quickly as you can%26quot;. To be honest, that certainly applies to the credit card - but you will be tied into loan repayments with HSBC, and will probably have to pay a fee for paying it off quicker.
Essentially, the only person who really knows how affordable this is is you. Speak to HSBC about what the monthly repayments will be, work out how much it would cost to clear the credit card in 3-5 months (as a monthly payment) - and ask yourself if you can take that sort of hit for the next 5 months / year? If you don%26#039;t have other considerable commitments I suspect you will be paying it back easily.
鎷?900 debt... is that much? (Income 鎷?8000p.a.)?
You should still be able to get a student credit card; http://www.squidoo.com/beststu... gives some good information about student cards Report It
鎷?900 debt... is that much? (Income 鎷?8000p.a.)?
err no not really
鎷?900 debt... is that much? (Income 鎷?8000p.a.)?
No.... you would earn that in a month probably so it shouldn%26#039;t be too much of a problem to pay it off within a couple of months.
Get it paid off ASAP though so you don%26#039;t have to pay so much interest, and next time you want to quit a job, find another job first!
鎷?900 debt... is that much? (Income 鎷?8000p.a.)?
You should be able to pay that back in a couple of months on that wage.
鎷?900 debt... is that much? (Income 鎷?8000p.a.)?
Why not make it 鎷?0,000
In for a penny in for a pound i say
鎷?900 debt... is that much? (Income 鎷?8000p.a.)?
its peanuts by todays standards.
but make sure you pay it off quick as possible!
鎷?900 debt... is that much? (Income 鎷?8000p.a.)?
No thats not much at all considering the average debt it way higher than that xxx
鎷?900 debt... is that much? (Income 鎷?8000p.a.)?
Its not really a lot of debt, just check when you take out the loan that you can pay if off early without any extra charges so you dont get bogged down paying interest, the best thing to do is to keep all your debts to a minimum, preferably zero, just in case your new job doesnt work out either.
鎷?900 debt... is that much? (Income 鎷?8000p.a.)?
any debt is bad debt,so as long as you can pay it off quickly no worries... just dont get sucked into borrowing over a long time....
鎷?900 debt... is that much? (Income 鎷?8000p.a.)?
鎷?0,000 pa. Just about to be made redundant.
Including mortgage...over 鎷?00,000 in debt.
The average individual debt in the UK is now over 鎷?0,000!
鎷?900 debt... is that much? (Income 鎷?8000p.a.)?
no and when you start your new job
pay it off you will not pay all the interest if you
clear your debt off early.!!
鎷?900 debt... is that much? (Income 鎷?8000p.a.)?
That%26#039;s a very low debt. I have more debt than that and earn less. I still manage fine - you would be perfectly comfortable I%26#039;m sure!!
Just check the interest rate on the loan and the repayment amounts. Plus the penalty fees in case you want to pay it off early (some loans won%26#039;t even allow you to pay it off early so check that too).
If you are paying your credit card with the minimum payments, it may be an idea to get a 鎷?000 loan and pay off your credit card with the extra - the interest will be cheaper. Plus the bigger the loan, the lower the interest rate tends to be on it.
Good luck with your new job - make the most of the next two weeks holiday!!!
鎷?900 debt... is that much? (Income 鎷?8000p.a.)?
yes, address it sooner rather than later or it will build.
鎷?900 debt... is that much? (Income 鎷?8000p.a.)?
yeah it is a bit overwhelming but if you put 200 a month on it and you should be able to pay it off in a year. you might want to see if you can a weekend job. you will be dirt tired but you could put your extra money from that on to your pay and get it down even faster.
鎷?900 debt... is that much? (Income 鎷?8000p.a.)?
It%26#039;s better as a loan than on your credit card unless you have an interst free period.
鎷?900 will take you a few months to pay off. It%26#039;s not a huge amount of debt, HSBC should tell you how much per month it is.
鎷?900 debt... is that much? (Income 鎷?8000p.a.)?
ha ha ha I remember when i was in debt by such a low amount. go for it sunshine.
just pay it all back asap so you dont end up in worse debt.
鎷?900 debt... is that much? (Income 鎷?8000p.a.)?
no, it is not much
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