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overdraft and money transfer
sabres
Posts: 4 Newbie
in Credit cards
Hi,
I have an overdraft which I have been in for about a year. I generally end up around £2,000 in the red at the end of each month. Is it wise for me to get a new balance transfer credit card with a year or more 0% transfer interest. If so which card would anyone advise? Thanks in advance.
I have an overdraft which I have been in for about a year. I generally end up around £2,000 in the red at the end of each month. Is it wise for me to get a new balance transfer credit card with a year or more 0% transfer interest. If so which card would anyone advise? Thanks in advance.
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Comments
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Why? ie what are the chief reasons for you not being able to reduce it?I have an overdraft which I have been in for about a year. I generally end up around £2,000 in the red at the end of each month.
Possibly, but it depends on the answer to my question above.Is it wise for me to get a new balance transfer credit card with a year or more 0% transfer interest.0 -
If you cant reduce it whilst its in overdraft, would you be able to pay it off when its on a credit card?0
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If you are always in the red as in you have no disposable income at the end of the month, it will be hard to obtain a 0% credit card.0
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how much interest / charges are you being charged each month?0
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A balance transfer will only work to clear your OD if you have had a thorough look at your budget and are willing to make changes to pay it off on the card and close the OD.
If you continue living beyond your means you could end up with debt on the credit card AND back in your OD which is not a good place to be really.Overdrafts transferred to MBNA £953.40/£4279.80 Car insurance (on CC) £461.98/£751.98 :mad: Bank of mum and dad £1500/£5000Total debt repaid £2915.38/£10,031.78 (29%):T Owed [STRIKE]£10,031.78[/STRIKE][STRIKE] £7400[/STRIKE] £7116.40 Pay off as much as you can in 2011 challenge £1127.60/£40000
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