What's your opinion? Being overdrawn.....

Storm

I currently pretty much live in my overdraft - I've managed to knock £200 off in the last couple of months, which I'm really proud about. Before my LBM though I really didn't think about it - I tended to look at the 'funds available' rather than the balance!

Since my LBM though I'm finding that I hate my OD even more than my credit card - simply because it makes me feel that none of my money each month is my own. Now I've paid off my higher APR debts I'm looking to reduce my OD by £150 each month until it's gone - I'll probably keep the option of a small limit of £100/£200 there 'just in case' but will try not to use it.

irishwench69

I agree, an overdraft *is* just another debt! I would rather have savings for an emergency than an overdraft, but I guess it's down to personal preference.

Having to live off a 3K overdraft for the duration of my first degree made me a little anxious when it comes to ODs..... :eek:

OP, I basically wouldn't worry - it's personal choice, and you're happy with yours........

IW x

bobble_hat

Until recently I had a £2,000 overdraft which was at it's limit every month. I was charged around £20 a month for it! :eek:

I sold my flat to clear all my debts. I recently went to my bank to have the overdraft facility removed and it felt great. I have been very nervous this month and piled all my extra cash into my main account to ensure nothing bounces. But it means I've got 1 month ahead for outgoings in the bank and no overdraft charges. I'm very relieved to no longer have an overdraft.

chevalier

no you are not odd. We do have overdrafts on our account. It helps when a certain electricity company thinks it is a good idea to treble our direct debit just before xmas:mad: (even though we have been suggesting this all year!). But other than that we never use ours. They really are for unexpected events.
chev

SamPriest

No... I'm the same I hate being overdrawn.... and like many here on living in it at present. i hate having it hanging over me, especially as it means the bank can hold it against me (and do) use it as amunition in the various disputes I have with them.

Have been lurking on here for a reading all the great advice and this is my first actual post. I'm now going to impliment a lot of the things on thee boards and my first target is clawing back that over draft!!

coral

I do have a £1000 overdraft and live out of it, I go into the black the day I get paid and then instantly go into the red as soon as I pay all my bills. I am trying to open a new account though and start treating the overdraft like a proper debt, but its my only account with a debit card at present, so with no credit cards it would be quite difficult to live without it.


Looking forward to working to pay it off & living in the black though!

fay144

I have a £100 overdraft, which I basically treat as my zero position, and use every month.

My boyfriend has a go at me for this, but it's interest free - the way I see it it's better off in my savings account.

I wouldn't feel the same way if I was charged interest on it though.

Fay

poppy_f1

dont have one anymore, payed it off on the 30th dec last year with my xmas overtime money
felt crappy handing that money over for nothing but feel a lot better overall for it

tanith

Have £200 facility just in case but I think in 20yrs I only used it once and that was by mistake and when i rang and said look I made a mistake they gave me back the charges :rotfl: :T :T OVERDRAFT = DEBT ...:eek:

LookingAhead

I can't understand why they mocked you!! Silly people. Please do not take any notice of them.

I have a £1500 O/D facility and as you can see I am making the most of it :rolleyes:

However that's not to say I am happy about that. In fact I cannot WAIT to clear it and my aim is to clear it by my birthday in early April. Then I want to reduce it.

It's a handy thing to have in an emergency but let's face it, really, in most cases it just encourages more spending.........equalling more debt. :eek:

You must ignore these people, they are obviously completely in the dark when it comes to DFW-ness. One day they will wake up.