Always in my overdraft!

2 Posts

Hello.
I always seem to be in my overdraft at the end of the month by £1,700 and have to use my credit card what sometimes ends up at £1400.
I clear this all at the end of the month but seem to be in a loop hole.
I’m earning good money but I’ve never been in debt like this.
I know I could pay monthly payments on my credit card but then there would be interest so I’m confused on what to do.
I’m trying to spend as little as I can to hopefully lower it down but it has worked yet.
Thanks.
I always seem to be in my overdraft at the end of the month by £1,700 and have to use my credit card what sometimes ends up at £1400.
I clear this all at the end of the month but seem to be in a loop hole.
I’m earning good money but I’ve never been in debt like this.
I know I could pay monthly payments on my credit card but then there would be interest so I’m confused on what to do.
I’m trying to spend as little as I can to hopefully lower it down but it has worked yet.
Thanks.
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I'm a little confused about your comment of "I know I could pay monthly payments on my credit card but then there would be interest so I’m confused on what to do" as you will be paying interest on your credit card regardless of if you make a payment towards it or not (technically you'd be paying less interest if you're making payments). Though I'd hope you are at least making minimum payments as otherwise you are defaulting.
What is the APR on your credit card, and what bank is your planned overdraft with?
Overdrafts are usually one of the most expensive forms of credit, so you are likely paying a fair whack in interest every month.
Lewis Carroll
Are there any direct debits or standing orders for subs etc you can cancel if you do not make good use of them?
If you are out of contract with mobile phone or satellite tv providers can you cancel or get it cheaper elsewhere?
Do you meal plan, use a budget supermarket and downgrade to essentials ranges rather than branded to save money?
Cut out or down on takeaways, coffees out, trips to the pub or restaurants/cinemas. Take sandwiches to work for lunch rather than buying lunch out?
2nd job particularly on the run up to Christmas?
Save £12k in 2023 Challenge #8 £12,000/£3700
The 365 day 1p Challenge 2023 #1 £670.00/£57.00
The 365 £1 a day Challenge for Christmas 2023 #43 £1000/£200