Stuck in the cycle

Shellster

Hi guys,

Just wondered if anybody can help me out with some advice.

I currently have a Natwest account which is sitting in an overdraft of £2,600 which I am determined to get rid of this year, I also have a barclaycard platinum visa which has a credit limit of £6,600 and is currently at £4,300 I try not to spend on as it was only taken out to transfer away from an old credit card that wasn't the best for interest rates. Although this month I have had to make a few payments on it which is more annoying as I pay extra interest. I got the card in March 2015 with 36 month interest free.

I just want to get out of my overdraft as I've been stuck in the same amount of debt for sometime now and just want to start seeing some of my wages being saved rather than me get paid then after bills and food for the month I am back to on the brink of the overdraft limit yet again

Does it make more sense to get a loan pay off my overdraft or another credit card which I can use for interest free payments and use that to pay my overdraft off?

Any help would be much appreciated. Shame I've left it this long to discover the site and actually ask for help!

DawnW

Welcome to the forum
Consolidation loans (loans to pay other debt) are not generally recommended on here, as what tends to happen is that the cards / overdrafts are run up again if the cause of the debt is not dealt with, and then you end up with an overdraft, card payments and a loan

What is usually suggested is that you post a statement of affairs (SOA) (someone will come along with the link in a minute) so that others can suggest how you can cut down, thus freeing up more money to pay down your debt.

Even if you don't want to post your SOA in the forum, it is a really useful exercise, as it shows you exactly where all your money goes.

Another useful tool is a spending diary, which can be an actual diary, a notebook or your phone, where you simply record everything you spend.

Do you have anything that you can sell, via facebook, ebay, or one of those sites that buys books, games, CDs, DVDs etc? Decluttering can make a few extra pounds to throw at your debt, and help keep your home tidy and easy to clean

Anyway, a few suggestions to think about, and a bump for your post so that it doesn't get buried amongst all the others

Archergirl

Yes a list of incomings and outgoings is the first step, then all the bits and bobs you waste money on, coffee's, papers, takeaways etc. If you write them all down it really is an eye opener.

andyfromotley

Here ya go, use this link.

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