Is a loan the best option for me?

Raye95

I am currently in my overdraft (and have been for a few months) which has a limit of £1500. I do work full time, however even when payday comes around I am still in my overdraft. I'm a tenant and I currently pay £350 p/m for rent not including bills (roughly an additional £150 pm). I'm trying to find a way to make my money situation more comfortable. I have several payments coming out of my account every month at least half of which could be completely settled if i took out a loan, but is this really the best option for me or would I be putting myself in even more dept? I am a bit of a worrier and do overthink things like this! Advice please

Caz3121

Probably best looking at the debt free wannabe board and posting a SOA
You would need to look at all your current debt and interest rates together whether a loan would be possible and what interest rate this would likely be
The folks on that board are great and can spot quick wins for reducing your outgoings. Maybe tightening your belt for a few months could help get the overdraft down without having to take on more debt (which may appear "cheaper" as it is over a longer period of time, so costs you more in the long run)

DCFC79

A loan isnt the answer, work out why your in the situation and fix it and cut back on your spending.

Dobbibill

A loan will not pay off your debt. It will just move it.

Find out the reason you are using your overdraft every month. Until you fix the source of the problem, you will always have the same symptoms.

Head over to the DFW board and complete a SOA.

foxy-stoat

Earn more and spend less, only real ways of reducing your debt.

If you want to "park" your debt for a few months try and get some 0% balance transfer credit cards and do the shuffle for a year or 2, but dont spend on the cards or you will be in deeper.