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Outgoings>Income

So I’ve been in £1000/£2000 overdraft debt 2 years after university. I have to move away for a new job but I still have to pay 2 rents for 2 months. Also, I get charged interest for being in my overdraft in 2 months. I have no idea what to do. Can someone give me advice?
Reply 1
Avatar for Pipsico
Pipsico
14
You could get an interest free credit card (assuming you’re eligible). Sainsbury’s, Barclaycard and Halifax all currently have introductory 0% interest for up to 24 months, with 0% on any balance transfer for the introductory period (usually the first 3 months) so you can transfer the entire balance of your overdraft. Just remember to at least make the minimum payment every month (set up a DD) otherwise they will whack you with interest.

Hope that helps!
Reply 2
Avatar for martin7
martin7
20
Original post by Pipsico
You could get an interest free credit card (assuming you’re eligible). Sainsbury’s, Barclaycard and Halifax all currently have introductory 0% interest for up to 24 months, with 0% on any balance transfer for the introductory period (usually the first 3 months) so you can transfer the entire balance of your overdraft. Just remember to at least make the minimum payment every month (set up a DD) otherwise they will whack you with interest.

You're referring to a balance transfer card (where a balance is moved from one credit card to another) while the original poster is concerned about the amount owing on an overdraft.

There are such things as "money transfer" cards, which allow you to transfer cash to a bank account and charge it to the new credit card (which would allow you to pay off an overdraft); but they are not the same thing as "balance transfer" cards. So if OP wants to do this, they need to get the right type of card.
Reply 3
Avatar for Cornish95
Cornish95
OP
3
Yeah thanks for the advice mate. I can only find places that will give me £250 overdraft for like £20 per month. I’m going to keep looking though. Appreciate it
Original post by Pipsico
You could get an interest free credit card (assuming you’re eligible). Sainsbury’s, Barclaycard and Halifax all currently have introductory 0% interest for up to 24 months, with 0% on any balance transfer for the introductory period (usually the first 3 months) so you can transfer the entire balance of your overdraft. Just remember to at least make the minimum payment every month (set up a DD) otherwise they will whack you with interest.

Hope that helps!

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