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Overdrafts v Credit Card

Pink_Bunny
Posts: 46 Forumite

Just a quick question;
If you have (like i do) and equal amount of debt on a CC and OD (bar a few quid) and the interest rates were the same, which would you pay off first. I have about £250.00 a month to chuck at this, but not sure which one to start with.
Thanks in advance::j
If you have (like i do) and equal amount of debt on a CC and OD (bar a few quid) and the interest rates were the same, which would you pay off first. I have about £250.00 a month to chuck at this, but not sure which one to start with.
Thanks in advance::j
Mummy to My Fab Little Boy - Aug 09
DD Born July 11
Comper in Training - No Wins Yet
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Comments
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overdrafts can be withdrawn without notice , so all other things being equal get rid of the overdraft.0
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Is it possible you can lower the APR on the card and shift some of the balance over from your overdraft? Or maybe get a new 0% card and shift as much on to that as possible.
Martin has some excellent guides on this if you have a nose around for them.
Good luck with what you choose though!
Amos
P.S., Have you posted your SoA yet?0 -
Totally agree. Nail the OD firstCurrent Debt £1300 - Egg 0%:cool:
Savings £5000:T
Official DFW Nerd Club - Member no. 161:D0 -
Didn't think about them being able to withdraw overdraft - guess its that first then.
I tried to get a 0% a couple of months ago but got refused, no idea why credit report didn't show anything untoward. Maybe i will try again in a few months. I know you can't keep applying as that affects it too i believe.
I haven't put my SoA on the boards, haven't felt ready for public airing, but have followed the great advice on here, and have significantly nipped and tucked my outgoings, saving approx 150/month and paid off nearly £2k this year (a lot for me) and got the debt down to about £5k.Mummy to My Fab Little Boy - Aug 09DD Born July 11Comper in Training - No Wins Yet0 -
My friend phoned up his credit card and told them he was having trouble making the payments. He said that he was going to have to find another card if they couldn't change the interest rate and pretended he had a bit of loyalty towards the card. They lowered the rate straight away. Worth a try if you can't get a new 0% card. Got to be worth a call.0
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Thanks to you all, will defo try rining up cc company in the morning.Mummy to My Fab Little Boy - Aug 09DD Born July 11Comper in Training - No Wins Yet0
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Sparky29 wrote:My friend phoned up his credit card and told them he was having trouble making the payments. He said that he was going to have to find another card if they couldn't change the interest rate and pretended he had a bit of loyalty towards the card. They lowered the rate straight away. Worth a try if you can't get a new 0% card. Got to be worth a call.
I totally agree with the above. Is always worth a try especially if you have had the CC for some time.
Good luck!"Debt makes plans for you" - A quote from my friend Catherine. How true!0
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