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Should I part transfer?
beansandshoes
Posts: 2
Newbie
Hi, first time posting, I hope someone can help please.
I have an overdraft at 39.9% around £2500, and a credit card at 24.9% at £1000.
Should I part transfer to pay off part of my overdraft? I'm worried I'll end up paying out more monthly overall as money is tight at the moment.
I'm currently paying off £50 a month on the overdraft, I know it'll take years, but had to start somewhere! I can't get any other loan at the moment but do have PayPal credit with a limit of £2000 but £0 on it if it helps? It's 21.9%
I'm not really sure what's the best thing to do.
I have an overdraft at 39.9% around £2500, and a credit card at 24.9% at £1000.
Should I part transfer to pay off part of my overdraft? I'm worried I'll end up paying out more monthly overall as money is tight at the moment.
I'm currently paying off £50 a month on the overdraft, I know it'll take years, but had to start somewhere! I can't get any other loan at the moment but do have PayPal credit with a limit of £2000 but £0 on it if it helps? It's 21.9%
I'm not really sure what's the best thing to do.
0
Comments
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Paying off the overdraft debt with money at 24.9% or 21.9% is not a huge improvement.
Have a look at this for ideas to deal with the overdraft
https://www.moneysavingexpert.com/banking/cut-overdraft-costs/
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Thank you for the link, it's a great help
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If you think there is any chance at all of being accepted for a new card, then take a look at the MSE Credit Club to see what "0% money transfer" cards might be available to you. Even if you don't think you will, it's worth checking - Martin tells a marvellous story about a lady at the end of her tether financially who applied for a card she only had a fractional chance of being accepted for, and got accepted. (I have a feeling it may have been on his TV show, in fact). Remember, even if it shows a 10% chance, that's still 1/10 and you have little to lose!🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25
Balance as at 31/08/25 = £ 95,450.00 at 31/12/25 = £ 91,100.00
Balance as at 31/08/26 = £ 84,500.00
SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0 -
There are links in section 5 of that guide....0
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