Hi folks, just wondering if Ive made a mistake.
I consolidated 2 credit cards with a loan.
Card 1 had 1900 at 40% on it.
Card 2 had 1200 at 30% on it.
Total credit card debt was 3100. Minimum payment combined was 130 a month.
I consolidated this with a high interest loan of around 70%.
Monthly loan repayment is now 190 a month over 4 years.
I was convinced this was the way forward as at least Im paying it off completely.
Would I have paid it off quicker and cheaper if Id just left the debt on the credit cards?