I have an overdraft of 1400 at the bank and nearly always go over my overdraft .

by , 16 Jun 2012

I now want a credit card to help me pay back the overdraft and allow me tp purchase every day items. Is this possible


add your answer here

Possible maybe but not wise. You'd be better to reduce your outgoings and pay the overdraft back rather than increasing your debt.

by Jazzj, 16 Jun 2012

Hi MissNatKel, and welcome to the forum.

You could sort out your overdraft with a 0% money transfer card, you can see these here...


These cards, however, generally require you to have a good credit rating and be in employment. Also, it would be wise to only use this type of card to pay off the overdraft and not for purchases as well.

If none of this applies to you, then I would suggest you follow Jazz's advice.

by fruitcake, 16 Jun 2012

I would suggest that you create a very simple spreadsheet on your computer and list out all your regular monthly outgoings in one column and any income in another column.

Then sit down and take a long hard look at them and ask yourself why you are so obviously living beyond your means.

Borrowing more to service your existing debt is not a solution to your problems. Rationalising your spending, however, may well be.

Sorry to be so blunt

by steve_ben2004, 16 Jun 2012

Glad you agree Steve!

by Jazzj, 16 Jun 2012

Surely paying it off at 0% is cheaper than paying the overdraft charges till it's paid off, only the handling fee to pay.

by fruitcake, 16 Jun 2012
add a comment

Going over the limit is very costly. Have you thought about asking for a small increase on your overdraft but really look to pay down the overdraft. This will leave you with more money in the long run as you won't be spending all your money on interest

by theavidtraveller, 17 Jun 2012

Posts within the money.co.uk community represent the views, experiences and opinions of members and experts only. They should not be taken as financial advice and should not be followed without further research.

Get our free money saving newsletter
Join over 450,000 other subscribers who grab our expert money tips, unmissable money guides & hottest bargains each week in our special email...

More Questions on Credit Cards