So my partner and I stay in a flat. We both have almost £3000 debt. In which case£2000 must pay asap. I have £1000 credit card payments. We are thinking to take £6000 loan from a bank for 4 years with 18% interest. Which goes monthly £167. So we are thinking to take this loan. And pay £500 monthly, £250 each rather than £167. So we can now pay off our all debt and save those £3000 extras. Incase we are in need of urgent money. As we are on skilled worker visa, and we gonna need ateast £8000 for visa renewal. So we need to save money. We calculated everything and minus all the expenses from our salaries, we can save £300-£400 each.
I have to make decision in next day or two. Please please help me out.
Thank you in advance. Hope you have a great day ahead.