We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

How quickly do I need to repay overdraft?

Options
2»

Comments

  • The trouble with an overdraft debt, compared to a cc debt, is that it can be difficult to see what progress you're making in reducing the debt every month. At least with a CC you know on any day of the month what you have remaining to pay ... with an OD, your account might be in credit a bit at first and then by the end of the month you're back at square one. The only way to handle it is to budget and make sure you've got a plan for reducing that negative balance somehow and taking into account the fees you get charged monthly.


    As suggested, assuming you're eligible and you've got the self control not to get into a real pickle, a money transfer CC 0% deal might be a good way to reduce what you're paying in fees / interest and focus on clearing it ASAP.
    174 BPM >> CC Balance (0%) -£3,565.99 - Target DFD Dec 2017 >> Loan (Car) (3.1%) -£19,803.74 - Target DFD Nov 2020
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.9K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.9K Work, Benefits & Business
  • 598.7K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.