Credit Card v's Personal Loan

[Rusty7214]

I need €2,000 to get out of living on my overdraft and €500 for a holiday. My SSIA matures in april and I'm due pay increase in January. does anyone know if I would be best going with personal loan or credit card?

 

[Satanta]

does anyone know if I would be best going with personal loan or credit card?

CCs shouldn't be used as loan/overdraft facilities. A CC has very expensive APR %s compared to most loans/overdrafts.

In order to answer the question fully we'd need to know:
What CC? (different CCs have very different costs - platinum cards may be 11% other cards could be 19%)
What loan? (depending on credit ratings etc. you may not get one of the more competitive loans)
What fees are you currently paying on the Overdraft facility?


I'd suggest the loan, if you can get a competitive rate [check out AAM best buy thread for personal loans] (ensure you go for one with no penalties for early clearance with the SSIA) would probably be the cheapest way forward [depending on bank the O/D may be just as cheap or cheaper].

 

[HotdogsFolks]

I need €2,000 to get out of living on my overdraft and €500 for a holiday...

I would advise against getting a CC. You obviously have had bad money management in the past to get your overdraft (no offence meant) so getting a CC could be dangerous.

What about a loan from your family?

 

[CCOVICH]

You could try and get a credit card with an introductory offer of 0% on purchases and then pay this off in January.

However, you would need to withdraw cash on your credit card to pay off the loan. I'm pretty sure that cash attracts interest even if there is 0% on purchases.

Tesco loans carry no penalty for early redemption, but for €2,500 the rate may not be that attractive as their headline rate suggests.

 

[shelflife]

i would advise cutting back your spending and forgetting about a holiday, you are already in debt and you are considering going on a holiday yoou cant afford.
wake up and smell the coffee.