debt help pleaseeee

wigglers

Hi guys sorry im a bit of a newbie here and need some advice me and my gf have a baby due on christmas day so i realy need to sort my finances out, previously we have racked up some debt there is £3000 on a barclaycard at 17.9 ish % there is £2000 on a 0% virgin card we just taken out after trasfering 1470 to it from the barclaycard (the balance was £4700!)

i do have a quite good relationship with my bank i have a maxed out 0% hsbc credit card again transfered because of the baclaycard. And i have a £600 overdraft which i use to pay as much as i can off the card a month, and the minimum payments on the rest.

They have pre-aproved a £1200 overdraft at 18.6% my question is would it be better to just up my overdraft and pay the barclaycard off in three months or how much would the added charge be for the overdraft?? please someone help asap thanx Matt

dancingfairy

18.6% is higher than you are currently paying so I can't see what benfit there would be- surely that would result in higher interest? unless I'm missing something?
Plus it always seems psycholigically harder to get out of an overdraft as it is all lumped into one pot - at least if you keep it seperate you can see the balance going down rather than it all being lumped into one figure.
df