Use overdraft to pay cards?

samedwards27

Hi,

I am new to the site. I have a bit of a dilemma....I have a fair amount on my credit cards, and i was wondering....should i go further into my overdraft and pay the cards off sooner...or clear my overdraft before concentrating on the cards????

Its difficult to know what to do for the best, i am particularly anxious as i have seen a few posts on here about peoples overdrafts being removed without notice. and i also know mine s up for renewal in march anyway.

any advise would be appreciated!

Thanks

Sam

lewnicnat

i wouldnt use your overdraft because the banks are slicing them or taking them i would start on the smallest debt first on the crdit card

Lokolo

Whichever has the most interest - pay that off first as its costing you the most.

However with overdrafts banks could take it away at anytime so... really its upto you

sarahs999

APRs are quite important too. NO point paying your credit card with an overdraft if your overdraft ends up costing you more than your cards...

ShelfStacker_3

A toughie. Personally, I'd do neither - clear the OD AND the cards. Don't pay the cards off with the OD, as it'll be harder to pay off and could be taken off you at any time (they're not meant for long term debt). Doing a balance transfer to the Virgin Money card from both the overdraft and the other cards could save you a packet and make paying back your debt easier. Alternatively, a consolidation loan could help.