Please advise

toscaredtotell

I have an Overdraft facility with Halifax for £5000 which i am currently using about 1900. I have a balance of over £800 on my Barclaycard which i think it may be sensible to put onto my overdraft rather than leaving it on there at 14.9%.

Is this sensible???

dazza.mk

That depends on the Halifax account (ie if its the High Interest Account you'd be paying a higher rate on the overdraft than on the Credit Card.

If its an account with a lower rate it probably makes sense (as long as you are unlikely to be tempted to run up another £800 on your credit card)

toscaredtotell

I don't think it is a High interest account It's a Halifax moneyback account and NO i defo will not be spending on the Card again.

LittlePiskey

I think that the moneyback account charges less than you're currently paying (although you should check this) so in theory its a good idea. The only thing I would say is that you should still make an effort to pay whatever you can afford off this balance each month. When you're overdrawn rather than owing to a credit card company it can be incredibly easy to never get round to paying it off!!!

You could also maybe try getting a new card with 0% balance transfer and moving the whole lot accross and try paying it off that way.

Good luck with it.

lauric

i think it would be wise to pay off the remainder of your credit car wih the rest of your overdraft.. but would you then promise yourself you could cut the card up and not use it again?