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Long term overdraught - consequences with bank?
financiallyilliterate
Posts: 2 Newbie
I've got some money worries and hoped someone might be able to advise..
I'm really bad at managing my money, and since moving to London a few years ago and having to pay a big rent deposit/buy furniture etc. I've been mainly overdrawn. I got out a loan with my bank to pay off my cc/od debts but then my flatmate moved out, living costs went up and I'm back in debt again, but still paying off the loan. My fault, I know, useless.
Anyway, obviously I want to get out of debt for myself and my peace of mind/better sleep, but are there consequences to my poor money management in terms of lenders giving me loans/mortgages in the future? Or is it just that interest rates go up?
And can a bank take away your cards if you're persistnetly bad with your money?? (A friend of mine had his debit card taken off him so he had to go into a branch to access cash, not sure how common this practice is?)
Grateful for any advice offered.
I'm really bad at managing my money, and since moving to London a few years ago and having to pay a big rent deposit/buy furniture etc. I've been mainly overdrawn. I got out a loan with my bank to pay off my cc/od debts but then my flatmate moved out, living costs went up and I'm back in debt again, but still paying off the loan. My fault, I know, useless.
Anyway, obviously I want to get out of debt for myself and my peace of mind/better sleep, but are there consequences to my poor money management in terms of lenders giving me loans/mortgages in the future? Or is it just that interest rates go up?
And can a bank take away your cards if you're persistnetly bad with your money?? (A friend of mine had his debit card taken off him so he had to go into a branch to access cash, not sure how common this practice is?)
Grateful for any advice offered.
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