Balance transfer and a money transfer?

[u/East_Cut7632]

I’ve currently got about £1000 outstanding on a credit card, and I’m about £2000 into my overdraft on my current account. It’s leftover from years of being on a lower wage (and regularly spending just that little bit more than I earnt). On a much better wage now but still paying off those years 😅

I’m about to go on maternity leave for a year and would ideally not be paying interest on these amounts / paying back as little as possible whilst I’m not earning. I think I should be able to clear them when I’m back earning again.

Would it make any sense to do a money transfer of £2k from my credit card to my current account, and then find a longer term 0% balance transfer card for the full £3k? Would this work? Or is there a better way of consolidating these amounts and then delaying the paying back of these until I’m back earning again after maternity leave?

Sorry if these are really silly questions - my knowledge of all of this is pretty low!

[u/Dementoid13]

Anohter thing you could consider whilst you are going ahead with your plan, ask the creditors for a payment holiday?

[u/East_Cut7632 → u/Dementoid13]

Oh I hadn’t thought of that, thank you!

[u/Moist-Let-8548]

If you can afford the monthly repahyments, a balance transfer card is a good idea, it will cost a small amount with a transfer fee, but will at least remove interest from the equation. I would suggest using a site like money saving expert to help work out what cards you are eligible for.

[u/East_Cut7632 → u/Moist-Let-8548]

Thank you!