debt advice

[joannie10]

I know I will have to investigate this further but really just trying to get opinions from people who my have been in this situation. I have(well its not me but felt it would not be believed anyway if I said that) a mortgage(maximum available apparantly), a loan and credit card debt (these two total around £18K). Loan and mortgage amount paid monthly but with not very much left for credit card debt and general living. Friend is now saying has had nasty shock and will curb spending but how best to get out of this situation - would perhaps a secured loan for a longish period be the best option, the monthly amounts do not seem that high over the monthly amount currently paying on the loan that has 4 years left. He has emailed debt advisory but as I say curious to why options might be best.

[R1Geezer]

if you can get a cheaper lon to clear credit cards and lower monthly outgoings then that will be fine but the sorts of people that get into debt are the sort that will just run up the plastic again. If the credit cards ar cut up and never used again and the monly payements kept up then this can work but it takes discipline. Credit card rates are sky high so getting a onger term loan for probaly half the rate should not be much more expensive in the long run even over a longer preriod. Also look up "snowballing" on the motley fool site, that may work too.

[joannie10]

thanks for your answers, R1Geezer I think I have found the site you are mentioning but not sure what you are saying. Are you suggesting they should look into snowballing?

[R1Geezer]

snowballing is a method of getting out of debt:
http://www.fool.co.uk...wball-Your-Debts.aspx

[joannie10]

thank you