Sorting out the finances after uni

liam_h

Hi all.

First off sorry if this is in the wrong place.

I finished uni nearly two years ago, but have finally got my first "proper" job three months ago. I now want to get my finances sorted after the nice mountain of debt I have after uni.

My loan I'm not worried about as I know I shouldn't be really. It'll pay itself off slowly over the long term.

To be fair other than the loan my debt is quite small. I have a £350 credit card that I still haven't paid off and my overdraft of £1800.

I'd like to get rid of the credit card as quick as possible, but my most pressing matter is the overdraft. At the end of the month my allowed limit drops to £1500, which I'm pretty sure I can get to by the start of next month. From then on I'll start putting away a bit each month to get rid of it.

The credit card though I'm unsure what to do with. Should I get another credit card to pay this one off as I'm paying interest on it now? I plan on it off within the next 6 months I hope. When I do, do I keep it or get rid?

Thanks all!

RAS

The first thing to do is to find out which debt has the higher APR. Pay that debt off first.

Check you credit record and see if a cheaper card is possible, but if not at least you know which to pay off first.

Have you got any stuff that you no longer uise and can sell?

liam_h

The credit card has the highest interest on it. I did get rejected for an M&S card a few months back (Didn't even want it, the OH signed me up for her work bonuses). Not entirely sure why as I always thought I would have a very good rating. Never missed a payment or gone over my limit. Checked my report and seems in order, so I'm a bit worried about getting knocked back for a card again.