overdraft woes

glen70

right here is my problem.i earn around £25k payed weekly into my current account which i have a overdraft of £1400 and i am upto nearly the limit every week.:o i have just been charged £60 plus £19 for being over my limit twice by around £20 each time but only for a few hours.i rang my branch to see what they could do and they have halfved the charge.could i get a credit card with a 0% transfer or would a loan be better?

Rafter

Glen,

Problem with getting a loan or credit card is that you may be tempted to run up your overdraft again leaving you with £3000 of debt rather than your current £1400.

First of all you need a plan to work out how you are going to get your budget balanced and start repaying what you owe.

Having done this you can then decide how long you want to take to repay what you owe. If you reckon you can find £25 a week saving then worth getting a 12 month 0% credit card and clearing your debt in a year.

If that is going to be a struggle a loan may be better over 3 years or so, but do you really want to be repaying your overdraft over that long?

Good luck

R.

glen70

thanks for the advice.i have only found egg which take overdrafts and i am not yetover 12 months from cancelling that card.looks like a loan i do have a small loan with northen rock 5.7%.could i extend that loan?