Help

Beynonz

Hi All,

I am 26 and a Trainee Solicitor, so money is fairly tight until I qualify.
I currently have an overdraft of £1500 which I touch the limits on each month as I also have a daughter and therefore money is obviously very tight.
As I touch the limit of my overdraft most months, Lloyds will not allow me to have a credit card. I suppose, quite rightly so.
What do you think is the best way to get out of this situation? I am attempting to cut costs each month and use less of my overdraft, but as many people in a similar position to myself, it is very difficult to get out of my overdraft.
Would the best option be to get a credit card with someone else?
Thank you in advance

[Deleted User]

Only get a credit card if the interest rate is less than you are paying on the overdraft. And you would also need the discipline to stop using the overdraft and pay off the card.

What are you currently paying on the overdraft?

Beynonz

I have a free overdraft of £1500 so I do not pay anything on it which is fortunate.

[Deleted User]

Then stick with your overdraft and do what you can to cut it down. The DFW board on here is a good place to start.

Don't add to your problems with a credit card.

Wilkins

Beynonz wrote: »

I have a free overdraft of £1500 so I do not pay anything on it which is fortunate.

Echo zx81. Do not get a CC. Pay off the o/d the old fashioned way. Maybe try drawing up an SOA along the lines of:

http://www.stoozing.com/calculator/soa.php

will help and keep you focussed. Then post on the DFW board for comments.

You are not in trouble yet, but taking a positive step now could avert future problems.