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Cutting down my overdrafts
Princess_Jane
Posts: 896 Forumite
Hello all,
as you can see from my sig I am nearly DF!
Now I want to work on cutting down my OD and am looking for suggestions.
In theory not paying off my CC every month should bring it down, but I'd like something more structured.
One of Martin's articles suggests living on a 0 per cent CC (which you of course pay off) while your salary pays off the OD.
But most of my monthly budget are DD like mortgage etc which I couldn't pay on my CC.
Can you transfer OD onto CC like a balance transfer, as I still have lots of interest-free period left on my CC.
The interest on my A&L account which my salary is paid into is £500.
I use this account for paying all my personal bills and I am in it for about two weeks of the month.
It is interest free at the mo' but due to end in October.
My "pocket money" account is with HSBC and has a £300 OD. I am ALWAYS about £100 into that and get charged £3-4 a month.
PS I chose not to count the OD in my DFW sig as they can vary from month to month.
as you can see from my sig I am nearly DF!
Now I want to work on cutting down my OD and am looking for suggestions.
In theory not paying off my CC every month should bring it down, but I'd like something more structured.
One of Martin's articles suggests living on a 0 per cent CC (which you of course pay off) while your salary pays off the OD.
But most of my monthly budget are DD like mortgage etc which I couldn't pay on my CC.
Can you transfer OD onto CC like a balance transfer, as I still have lots of interest-free period left on my CC.
The interest on my A&L account which my salary is paid into is £500.
I use this account for paying all my personal bills and I am in it for about two weeks of the month.
It is interest free at the mo' but due to end in October.
My "pocket money" account is with HSBC and has a £300 OD. I am ALWAYS about £100 into that and get charged £3-4 a month.
PS I chose not to count the OD in my DFW sig as they can vary from month to month.
DEBT FREE! Sep '08/£9,800 in Oct '06 :beer:
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