Overdraft and credit card interest vs balance transfer

NO!!!!!
NEVER NEVER WITHDRAW CASH ON A CREDIT CARD!
You are charged a higher rate of interest straight away the money is withdrawn.
You could;
a/Acquire a credit card that allows super balance transfers to a bank account and pay off the outstanding amounts so the debt appears on your new credit card at 0%.( there may well be a 2-2.98% charge for each transfer unless you do one transfer to your bank and then write cheques to the other credit cards/debts.
/b Obtain a loan for the whole debt amount and make one payment each month to the loan company.
/c stay as you are and budget your way out of it which is the best option in the long run as you live within your means may take a year or so to clear the debt.
d/Life of balance card.
e/Use the snowball method and pay off the highest rated interest debt first and then tackle the next debt until they are all gone.
Good luck

MBC16 wrote: »

Is my maths solid? Am I suggesting something that more experienced savers would run a mile from, screaming "DON'T DO IT!!!!"

Yup, but I'd run further than a mile from this.

Don't withdraw cash from a HSBC credit card.

I'd say your best bet would be to apply for a Virgin money card and hope you can get a half decent credit limit.

Transfer the HSBC balance onto the Virgin Card, and do a balance transfer from the Virgin Card to your HSBC to clear your overdraft.

Set up a direct debit to repay the minimum from your current account and then make additional payments when you're able.

Cancel the HSBC card once the balance is cleared and take advantage of the breathing space to take a hard look at your finances and work out why you're living in overdraft land.