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Clearing overdraft- balance transfer?
I_Love_Shoes
Posts: 160 Forumite
Hi,
I have a student overdraft on my current account which is at £1600 interest free currently. Natwest sent me an email a week or two ago saying that as I graduated a year ago, interest will start to be charged on any balances over £1000 from the end of August.
I've also got about £700 on credit cards (£450 on a 0% balance card and £250 on a barclaycard)
I was looking to do something like a balance transfer for the £600 but as it is coming out of a current account it doesn't look like this can be done.
Im putting about £200 a month into paying off my debt which is all I can afford at the moment but I am a bit unsure of which to prioritise first and how to go about it without paying a fortune in interest!
Natwest will charge me 17.81% EAR (not sure what the APR works out from this rate- help anybody?)
Barclaycard will charge me 19.94% APR
Any help would be appreciated
I have a student overdraft on my current account which is at £1600 interest free currently. Natwest sent me an email a week or two ago saying that as I graduated a year ago, interest will start to be charged on any balances over £1000 from the end of August.
I've also got about £700 on credit cards (£450 on a 0% balance card and £250 on a barclaycard)
I was looking to do something like a balance transfer for the £600 but as it is coming out of a current account it doesn't look like this can be done.
Im putting about £200 a month into paying off my debt which is all I can afford at the moment but I am a bit unsure of which to prioritise first and how to go about it without paying a fortune in interest!
Natwest will charge me 17.81% EAR (not sure what the APR works out from this rate- help anybody?)
Barclaycard will charge me 19.94% APR
Any help would be appreciated
If you have nothing good to say, say nothing at all
0
Comments
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hiya,
No.Don't balance transfer for an overdraft, as it would be classed as a cash advance,and cost loads.
I think I would just pay minimum on the 0% cards until the £600 is paid off.
or you could try out the "snow ball" calculator, its in the newbie sticky on the debt free wannabe board.LIVE SIMPLY * GIVE MORE * EXPECT LESS * BE THANKFUL0
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