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Is it ok for me to do this?
pmdude
Posts: 5 Forumite
in Credit cards
I have £216 to clear on my Debenhams Card and £200 to clear from my MasterCard. I am also £300 overdrawn on my Natwest Current Account (my limit is £400)
I have opened a student account with the Royal Bank of Scotland, with an interest free overdraft facility of £1500. Should I use this money to pay off my debts?
I have opened a student account with the Royal Bank of Scotland, with an interest free overdraft facility of £1500. Should I use this money to pay off my debts?
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Comments
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If it is interest free then I know I would - but then I would work hard at paying it back before any interest was to be paid0
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if my sums are correct then you have £716 of debt. Use the overdraft to pay it off, but don't fall into the trap of then spending the remaining £784 of your overdraft!! I know it's obvious but you wouldn't be the first...0
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pay off the credit with the over draft, then tell the bank you want to decrease your overdraft limit by £x amount of pounds per month. This will stop you spending on the overdraft.:money: IT Geek & Martin Wannabee :money:0
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