Overdraft charges

A question about : Overdraft charges

Hi all hope it's right to post here
I have an agreed overdraft limit
I have no credit or store cards it is the only thing I've ever used
I'm trying really hard this ur to clear it/ lower it,but I'm being charged Ј36 mth for it and that money would be wittling away at lowering it!
I'm on a very tight budget but have lowered quite a few things this month like car insurance,pet insurance and dog food,finishing what I owe mum, so hoping to creep it down.
Martin suggests a 0% credit card? But I couldn't meet the repayments I'm sure
This is natwest whom I e always been with but does this sound high charges?

Best answers:

• Difficult to say when you don't say how much you owe but repayments on a 0% credit card may be less than Ј36 per month - worth looking into, not least because overdrafts are repayable on demand and so aren't a very secure (or cost-effective) way of managing long-term debt.
• Sorry it floats between 1700 and 2000
• Ј36 per month sounds about right then, based on the figures at https://personal.natwest.com/personal...aft-Costs.html
  If you can get a money transfer 0% card with the likes of MBNA or Fluid (see https://www.moneysavingexpert.com/loa...verdraft-costs) then the minimum monthly repayment would be Ј25 during the 0% period, which would hopefully allow you to start making inroads into the debt itself.
• Thanks
  But Ј25 a month wouldn't pay it back in 2 yrs then wouldn't I b worse off
  Thanks again just not sure how it all works
• Thanks But I can't afford 84 a month I don't think
• You need to post your SOA on the DFW board then. The only way to reduce the debt is to pay more off. Reducing what you spend, selling things and working more hours / jobs may be the only way forward. https://forums.moneysavingexpert.com/...splay.php?f=76
• Clapton could see what I was getting at - if you have a 0% card then whatever you pay to it reduces your debt by that amount, whether it's Ј25, Ј36, Ј84 or whatever, whereas continuing with just making interest payments on an overdraft won't actually address your debt at all!
  You mention in your opening post about reducing outgoings, including no longer making payments to mum, so going forward you should have more money to throw at the debt to make meaningful progress, rather than just Ј36 per month to keep it from getting any worse. Are you happy just "hoping to creep it down" or really wanting to get out of debt in a reasonable timescale?
• Thankyou
  I understand a bit more now im working all the hrs I can I've just taken a few more on
  So we tighten our belts even more and pay off as much as I can each month
  Already told son there's no few days holiday this yr I do want to clear it I hate paying the bank for the privilege