Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

which one to clear first

  • 27-01-2013 10:34am
    #1
    dollyk
    Registered Users, Registered Users 2 Posts: 602 ✭✭✭


    Hi can anyone tell me would it be better to use my overdraft to clear my credit card. ? both are 2 thousand euro. thanks


Comments

  • #2
    Scortho
    Closed Accounts Posts: 3,876 ✭✭✭Scortho


    dollyk wrote: »
    Hi can anyone tell me would it be better to use my overdraft to clear my credit card. ? both are 2 thousand euro. thanks

    Which one are you paying more interest on? Always clear the one with the highest interest first


  • #3
    dollyk
    Registered Users, Registered Users 2 Posts: 602 ✭✭✭dollyk


    Im not sure how much on overdraft, but credit card is 28.00 euro a month interest. so maybe thats the one to clear...thanks for reply.


  • #4
    GerardKeating
    Registered Users, Registered Users 2 Posts: 7,804 ✭✭✭GerardKeating


    dollyk wrote: »
    Im not sure how much on overdraft, but credit card is 28.00 euro a month interest. so maybe thats the one to clear...thanks for reply.

    Most all Credit Card rates are way higher then overdraft rates, assuming it is an authorised over draft.

    So the general rules would be to clear the highest rates first, but if one of them is over the limit, you might clear that first.


  • #5
    Scortho
    Closed Accounts Posts: 3,876 ✭✭✭Scortho


    dollyk wrote: »
    Im not sure how much on overdraft, but credit card is 28.00 euro a month interest. so maybe thats the one to clear...thanks for reply.

    You're best bet would be to ring the bank and find out what the interest rate is, the percentage being the important part.

    Also there are credit cards that offer you a number of months interest free.
    So if you were to switch to one of those credit cards, you can move the balance there and pay no interest on the balance. It would give you a bit of breeding space to clear the overdraft and the credit card.
    http://www.bonkers.ie/compare-credit-cards/your-results/


Advertisement