Few questions regarding 0% transfer

[Deleted User]

You are - you have over £4K of debt. That!!!8217;s an issue.

ma-hunny

!!! wrote: »

You are - you have over £4K of debt. That!!!8217;s an issue.

Which I'm trying to rectify in the best way possible, I don't believe that requires another thread to determine.

BoGoF

Unless the loan that you cleared was a higher APR then you would have been better paying more to your card debt but whats done is done.

How much a month are your od fees?

ma-hunny

Loan was 26.9% ! Last months OD fee was roughly £17.50

BoGoF

Ok.....so personally I would apply for a 0% money transfer card and use this to clear the card, or if you dont get a high enough credit limit pay as much as you can. Even getting half at 0% will save you a lot of interest.

ma-hunny

BoGoF wrote: »

Ok.....so personally I would apply for a 0% money transfer card and use this to clear the card, or if you dont get a high enough credit limit pay as much as you can. Even getting half at 0% will save you a lot of interest.

Just to be clear by "card" you mean prioritise CC?

Emily_Joy

ma-hunny wrote: »

Just to be clear by "card" you mean prioritise CC?

You need to compare the credit card statement with the current account statement. Then you pay off whatever charges you higher fees. Presumably, £18 or so on £1000 or so overdraft means it's about 18*12/1000 = 22%. The credit card, as you said is over 25%. So the credit card first. However, based on this calculation, you might be better of getting a balance transfer credit card (check fees!) and transferring balance there. Then you pay minimum +£5 on a new credit card and use the rest to clear the overdraft.