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A quick bit of advice needed...
Sparkletoes_2
Posts: 4 Newbie
Hi everyone!
I have an overdraft of £2000 which is costing me about £40 a month. Only just started paying interest on it as it was interest free for the past few years (student account).
I was wondering if I'd be better off to pay it off using a loan or interest free credit card?
I have an overdraft of £2000 which is costing me about £40 a month. Only just started paying interest on it as it was interest free for the past few years (student account).
I was wondering if I'd be better off to pay it off using a loan or interest free credit card?
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Comments
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Hi there. I see this is your first post....
http://forums.moneysavingexpert.com/showthread.html?t=107280
Check this out first as it will help you, to help us, to help you if that makes sense!Bank Balance: In the black for the moment.
Sainsburys Loan: Cleared July 2010
Credit cards: AMEX Airmiles Card: direct debit set to clear balance monthly
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Get a Capital One Platinum credit card - 0% on balance transfers until September 2007.'It is the duty of righteous men to make war on all undeserved privilege.' - Primo Levi0
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whats the interest rate
how much can you afford to repay a month
how good is your credit limit...can you get 0% or low LOB cc0 -
If you can a 0% cc then get one, but to avoid a transfer fee, use it to buy stuff that would normally put you in your overdraft, ie put all your food, fuel etc on it so you can save cash.
BUT only do this up to a level that you can safely pay off within the offer period.
If you can afford £100 a month, say, and it is for eight months, then only stick £800 on the cc, cos I imagine the OD interest is less than the non-promotional cc rate would be.:cool: DFW Nerd Club member 023...DFD 9.2.2007 :cool::heartpuls married 21 6 08 :A Angel babies' birth dates 3.10.08 * 4.3.11 * 11.11.11 * 17.3.12 * 2.7.12 :heart2: My live baby's birth date 22 7 09 :heart2: I'm due another baby at the end of July 2014! :j
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