Clear Credit Card with Overdraft...

AmTheMan87

Hi,

Currently have access to over £3k overdraft but not being used...

I have two credit cards - high apr 30/35% ish... (bad times lol) with a balance of around £1500 altogether....

rather than pay a bit to each every month, I am considering clearing both cards with the overdraft and paying this back...

main issue, overdraft fees... £1 a day!!! (monthly interest on cards kind of similar at £30 all in..)

any ideas?

If it wasnt xmas it would have been cleared a bit back... the joys of student life lol

opinions4u

Robbing Peter to pay Paul.

Two concerns I would have:

1) What if your bank pulls the overdraft (it is repayable on demand)?
2) Assuming you start reducing the overdraft, the £1 a day charge becomes more expensive than the balance would have been on a credit card.

Seek out a 0% credit card deal and get over to Debt-Free Wannabe and start managing the debt down.