My wife and I pay £96 per month in overdraft fees and are looking for a way to decrease this.
My wife and I have three overdrafts with three different banks amounting to £7700. We pay around £96 in interest and fees per month for these facilities. We also have a loan due to be paid off next year, in which we pay £181.07 a month. We have good credit history.
Firstly, before considering options to reduce the overdraft fees is there any way you can reduce the amount of the overdraft? Unfortunately too many of us have permanent overdrafts which, as you know, is an expensive way of borrowing and there is no impetus to pay it off while the bank continue to provide it. But it is still debt and you should be looking to reduce it by changing your financial habits. One way is to transfer it to a 0% credit card deal and then set up regular payments of an amount that will pay the debt off before the 0% deal expires, otherwise you will be hit with high credit card fees. | 03.05.17 @ 09:49