Business overdraft to pay credit cards?

PaulGB

Hi,

A year ago I decided to start my own business a year ago (martial arts academy) I was in a job that ended suddenly (no redundancy) so thought I would use a credit card to pay for everything. I spent £2750 on one and ended up getting another with a balance transfer of £700 for living expenses. (£3450 total)

I have since paid off £1100 off them both as the academy has done well and I am earning a salary which I'm using some off to pay over my minimum repayments.

The question I have is whether it is worth applying for an agreed overdraft on my business account to repay the remaining £2350 as I'm 100% sure that even with the job I've done on creating a business that not only is breaking even but making profit EVERY month I will not pay it back before the 0% interest term runs out.

If there is a better option than this too I'd greatly appreciate the feedback.

Thanks
Paul