Best way of paying overdraft debt

louloubelle79

Hi
Since marrying 3 yrs ago and since having 2 kids, got 3k overdraft and 2k on one credit card. Whats the easiest way to get out of the overdraft??? is there a credit card thats cheaper to pay into the bank so we are finally in the black? and cheaper to pay off that debt?

GreenSaints

Hi,

I don't know what other debt (if any) you have or what your other financial commitments, but I paid off a 1k overdraft this year good old fashioned hard graft. Selling on eBay, Amazon etc. I was fortunate that it wasn't charging me a lot (roughly 5 quid a month) but I was getting stung with unauthorised fees on a regular basis.

Good luck - you can do it

oliviarosejackson

Same as above. We have finally got out of our £800 od. We did thus through cutting back, cooking from scratch, taking lunches to work and cut out on all silly spending.

Selling unused items is a good idea too.

Why not pop up your SOA and see how people can help.

Yum

stalking this thread. My Oh has a hefty overdraft...he pays £1 per day on it. Ive been trying to persuade him to pay £100 off per month but its easier said than done. help please

dark^knight

Yum wrote: »

stalking this thread. My Oh has a hefty overdraft...he pays £1 per day on it. Ive been trying to persuade him to pay £100 off per month but its easier said than done. help please

£1 day...£30 a month...£365 a year...:eek:

lika_86

For me, the best thing to do is pay off £100 a month as soon as I get paid, that way I don't really notice it's been there to begin with and I can then budget for the rest of the month.

louloubelle79

Thanks guys, we dont overspend every month but only earn enough to pay for outgoings, as two small children i have gone back FT as earn a bit more than my husband so he has the two small children in the day, so only one wage coming in. We cook everything from scratch, hubby a chef so use all cheap cuts of meat and only buy from butcher and greengrocers rather than supermarket. Shop at Lidl or Aldi and got a smaller car with a 1l engine, petrol at Tesco so use vouchers towards our holiday and days out etc. Swapped all utilities for cheaper...not sure what else to do, as need to be earning more every month to start chipping away at it ...