Hi newbie advice please re OD or 0%

MrChurchill

Hi
New poster long time lurker. Really working on trying to improve money management as part of 2011 objectives--its what you do in your 40's;). Standard life wife kids etc

1st item is to remove £1000 overdraft with Nationwide. Done budget planner and just survive. By my calcs OD costs me £13 month av.(inc additional fees). I was cleared bankrupt 2005 and only have a debit card. Credit rating now GOOD, apparently.
I have a decent salary but just cant get out of my OD nowadays. Genuinley not a big 'fun' spender.

I live nr OD limit permanently--SO, do I apply for Super balance transfer 0% or stay as I am and try and clear slowly. I cant get my head round the maths. sry

All help appreciated.
Thanks in advance

YorkshireBoy

MrChurchill wrote: »

I live nr OD limit permanently--SO, do I apply for Super balance transfer 0% or stay as I am and try and clear slowly. I cant get my head round the maths.

An MBNA SBT card will stick another £40 on your debt for a start (with the 4% fee).

If you're not currently repaying more than £12 a month off your overdraft it won't work for you because the minimum payment itself would be £25 a month on this card.