Overdrafts v Credit Card

Pink_Bunny

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

CLAPTON

overdrafts can be withdrawn without notice , so all other things being equal get rid of the overdraft.

amosworks

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?

maverick007

Totally agree. Nail the OD first

Pink_Bunny

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.

Sparky29

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.

Pink_Bunny

Thanks to you all, will defo try rining up cc company in the morning.

Annie_Fanny

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!