Credit Card

garcon6

Best way to manage my debt.  Just realised i owe £2000 on my credit card, my limit is £4000.  Unfortunately I keep using my overdraft with Barclays, always overdrawn.  I pay weekly with my credit card £50.  Used to pay in full, unfortunately not at the moment.  Roughly my salary is from £1650-£1800.  Please can someone advise about bank transfer etc.  Am i right it's more expensive to use the overdraft.  Instead use the credit card.  

MorningcoffeeIV

Head to the DFW board and do an SoA to get a full picture. 

Although a balance transfer card can reduce interest, owing half your limit on an interest bearing card and living in your OD means you're highly unlikely to be able to get one.

Fortunately your debts are not that large and you should be able to clear it with a bit of cost cutting.

Mark_d

As to which is more expensive -  it depends on the interest rate you pay on overdraft/credit card.  My overdraft rate is 15% with Starling, so that's cheaper than borrowing on my Amex (31%).

garcon6

I started cost cutting, for example cut back on personal training, as i was paying £80 per month.  Next i won't renew my phone with EE, just get a sim only deal as paying £40 per month.

garcon6

What do you mean by the DWF board.

born_again

https://forums.moneysavingexpert.com/categories/debt-free-wannabe

fatbelly

Usually an overdraft would be effectively 40%apr and a credit card 25%.

Both bad enough to be taking advice.

See you on dfw