credit card or overdraft?

sc0ttie

yasmup wrote: »

How do you plan to pay off the money you are borrowing?
You do realise any new home will probably incur you in additional expense, don't you?
If you really need to borrow money for the deposit, ask yourself if you can really afford this tenancy.

Or are you moving from one rental property to another and hoping to get the deposit from the previous rental back to fund this one?

If so, you do realise the difference in interest on £850 is only about 70p a month? And don't forget you won't need to borrow £850 as you already have cash sitting in a current account doing nothing whilst paying 18.9% on existing borrowings on a credit card (over £7.50 a month in interest! :eek:)
When is your next payday as that will also presumably pay back any borrowings if you use the overdraft facility?

My ex and I broke up some months ago, she is staying in the house we shared together, and I will be moving into my new flat this weekend. I have worked out all the bills and yes i can afford it, I am in full time employment, so that is how I plan to pay the money back, monthly. I wont get any of the deposit, that is because the way my ex and I agreed to pay things when we moved to the house I am moving out of. she paid the deposit and I paid the moving costs. She is staying there and I am leaving. I am happy with this arrangement, whatever anybody else thinks about that.
Having read all the comments here, I will use my overdraft. My monthly wages will bring my account into credit each month, it is just when the last 2 weeks of the month arrive my account will be back in the overdraft again, until I pay it all off, which I estimate to be about 3 to 4 months.