Should I part transfer?

beansandshoes

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.

fatbelly

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/

beansandshoes

Thank you for the link, it's a great help

EssexHebridean

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! 

fatbelly

There are links in section 5 of that guide....