Use Student OD to pay off Credit card?

Drusillamac

Hello all,

I have a quick question regarding my two main sources of debt: my overdraft and my credit card.

Currently my overdraft is sitting at -£1000. My credit card has £350 outstanding on it and, according to my statement, the interest is 23% APR :eek:

Last week my bank sent me a letter to say my student account would be valid until October 2011. This includes my current interest free overdraft. After October 2011 my overdraft would be charged at £1 per day.

Would it be a good idea to use my OD to pay off the credit card (which would then be locked away in a drawer and never used again)?

podperson

If you're sure you can resist the tempation to spend on the card again then sure, save yourself the interest

Drusillamac

Thanks The card will be staying firmly locked in my desk drawer unless I'm going away and may need access to emergency money.

spadoosh

good idea ive heard on these forums is 'put it in a block of water and freeze it' that way u still got it but if you wanna spend your gonna have to wait a good few hours to defrost it which should be long enough to make you realise you dont need to spend