What to do if the summer holidays have left you in the red

Your tan may fade, but holiday debts won't unless you do something about them. Here are some ideas.

Have you come back from your summer holiday with a tan but with your bank balance in the red? Did you spend more than you planned on days out?

If your summer spending has left you nursing a financial hangover, then it’s time to do something about it now.

You have a few options, although your choices might be limited by your credit rating.

Credit card debts

If you racked up the spending on a credit card(s) then you could move your debts onto a 0% balance transfer credit card. This will allow you some breathing space to pay them off without being charged interest.

These are the cards offering the longest 0% balance transfer periods right now.

Credit card	0% period on balance transfers	Balance transfer fee	Fee paid on £2,000 transfer	Representative APR after 0% period ends
Barclaycard 34-Month Platinum Visa	34 months	2.99%	£59.80	18.9%
Barclaycard 33-Month Platinum Visa	33 months	2.79%	£55.80	18.9%
Tesco Clubcard for Balance Transfers MasterCard	33 months	2.9%	£58	18.9%
Sainsbury's Bank Balance Transfer MasterCard	33 months	3%	£60	18.9%
Halifax 32-Month Balance Transfer MasterCard	32 months	2.65%	£53	18.9%
MBNA 32-Month Platinum Credit Card	32 months	2.69%	£53.80	18.9%
Lloyds Bank 32-Month Balance Transfer MasterCard	32 months	2.8%	£56	18.9%
Bank of Scotland Platinum 32-Month Balance Transfer MasterCard	32 months	2.8%	£56	18.9%

And here are some cards offering a decent 0% period and a cheap, or free, balance transfer fee (a percentage of the debt you’re transferring).

Credit card	0% period	Balance transfer fee	Fee paid on £2,000 transfer	Representative APR after 0% period ends
Tesco Clubcard with No Balance Transfer Fee	10 months	None	£0	18.9%
Sainsbury's Bank Nectar Low Balance Transfer Fee MasterCard	12 months	0.5%	£10	18.9%
Fluid Low Fee Visa	12 months	0.5%	£10	18.9%
Nationwide Select Card*	15 months	0.55%	£11	15.9%
Nationwide Credit Card	15 months	0.65%	£13	17.9%
Santander 17-Month Low Balance Transfer Fee MasterCard	17 months	0.9%	£18	18.9%
Halifax 28-Month Low Balance Transfer Fee MasterCard	28 months	1.5%	£30	18.9%
Bank of Scotland Platinum 28-Month Low Balance Transfer Fee MasterCard	28 months	1.5%	£30	18.9%
Lloyds Bank Platinum 28-Month Low Balance Transfer Fee MasterCard	28 months	1.5%	£30	18.9%

*Nationwide current account customers only

Note that the cards listed above are only available to people with an excellent credit rating.

If yours isn’t spotless, you might want to look at the Barclaycard Platinum 20-Month card. It has a balance transfer fee of 2.9% of the debt you want to transfer.

Before you sign up for a 0% balance transfer card, it’s important to work out how long you’ll need to pay off your debt. Don’t try to pay less via a lower fee only to find you don’t have enough time to clear your balance.

Overdraft in the red

If you have dipped into an overdraft, you could be racking up daily charges. You can stop these with a 0% money transfer credit card. These allow you to deposit money into your bank account in return for a fee, which is usually 4% of the amount you’re borrowing.

Here are the top 0% money transfer cards right now.

Credit card	0% period	Money transfer fee	Fee paid on £2,000 transfer	Representative APR after 0% period ends
MBNA 32-Month Platinum	32 months	4%	£80	18.9%
Virgin Money Balance Transfer	29 months	4%	£80	18.9%
Fluid 29-Month Balance Transfer	29 months	4%	£80	18.9%
AA 28-Month Balance Transfer	28 months	4%	£80	18.9%

Again, these cards are only open to people with excellent credit histories.

Don’t bury your head in the (holiday) sand

Whatever you do, don’t let your debts mount. While your suntan may fade, your debts won’t unless you do something about them.

But try to avoid very expensive forms of credit such as a payday loan.

If you’re worried about debt, then have a read of Where to get free debt advice.

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