Overdraft Problems

xTonix

I graduated in 2009 and still trying to pay off my student overdraft. I get paid just over minimum wage and need to pay out for things like rent, travel and food which means there isn't much money left after my monthly outgoings. My overdraft is at the highest limit of £3,000 and has an interest rate of about £40 per month. I am trying to pay money into the account each month but this is barely covering the interest I am being charged. What can I do?

Derivative

xTonix wrote: »

I graduated in 2009 and still trying to pay off my student overdraft. I get paid just over minimum wage and need to pay out for things like rent, travel and food which means there isn't much money left after my monthly outgoings. My overdraft is at the highest limit of £3,000 and has an interest rate of about £40 per month. I am trying to pay money into the account each month but this is barely covering the interest I am being charged. What can I do?

Get over to the Debt Free Wannabe board and post a full Statement of Affairs. If you are full time, there should be scope to cut at least a few grand out of your yearly budget.

Things like TV licence, cycling instead of taking public transport, cheaper bulk buy food, mobile phone and utility tariff downgrades, etc. Not saying any of the aforementioned will help you but I guarantee there is some stuff you can knock out.