sorting out finances

Cash_Flow

zaynab wrote: »

y would Barclays reduce my limit I am trying to pay it back off and bring it on 0 in order to cancel the card n apply for something that charges les interest rate and only to use it for emergency

Depending on how Halifax are reporting your account conduct to the CRA, this could flag up with your existing lenders and cause an increase in APR or a decrease in credit limits etc.

Cash_Flow

zaynab wrote: »

y would Barclays reduce my limit I am trying to pay it back off and bring it on 0 in order to cancel the card n apply for something that charges les interest rate and only to use it for emergency

With all due respect I think you should concentrate on paying back the OD first, The OD can be recalled at anytime leaving you to find £2000.

Providing you stick to the terms of your credit card they can not request immediate repayment.

zaynab

if I start paying in OD then how would I manage my finances? cuz I thought if I paid card in full then would only use the same card for grocery and then going forward pay back again the grocery amount used.

grumbler

Every month you pay to the account more than you spend.
The more the difference between monthly credit(s) and debits, the sooner you get back to black.

zaynab

thanks grumbler but can you explain how I do that? which account are you talking about ? od or credit card?

grumbler

You asked about "paying in OD", and I replied.
The only way to pay the overdraft off is to keep paying into the account more than spending from it.

I am not saying that you have to concentrate on the overdraft in the first place. It's the most expensive debt that you have to pay off first:
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