Balance transfer advice

vdb-06

Hi Everyone,

I have a student bank overdraft £2000 since I graduated. My bank have begun taking interest of £31 a month.

Could I have some advice on how I should transfer this debt to a cheaper rate each month?

I am four months shy of paying the amount in full but want to reduce the costs until then.

Many Thanks
Ed

opinions4u

That's about the going rate for £2k of debt.

Credit card super-balance transfer may be an option, but if you're likely to be debt free by February it's more than possible that the fee will erode most of the saving made.

Loan from parent would be a winner!

grumbler

Try getting a card with 0% on Purchases and use the 'saved' money for paying the overdraft off faster.

There are some cards that offer transferring your overdraft at 0%, but typical fee for this is 4%. Only one cards charges 2% for this: Super transfers