HSBC graduate overdraft charges

Lawn

I have been an HSBC customer since I first opened a bank account 10 years ago. I have recently graduated from University and have I still have an overdraft left over from from student days. I haven't got full-time employment at the moment and so haven't got a steady income, just money from odd jobs I am doing. Today I received a letter from HSBC telling me that they are going to charge me on the overdraft I have. I have quite a large overdraft (£950) and they want to charge me 9.9% EAR. I was wondering if you have any suggestions about what I should do as I still have expensenses and my overdraft is going to grow and the payments on my overdraft are only going to grow too.

bargains83

Lawn wrote: »

I have been an HSBC customer since I first opened a bank account 10 years ago. I have recently graduated from University and have I still have an overdraft left over from from student days. I haven't got full-time employment at the moment and so haven't got a steady income, just money from odd jobs I am doing. Today I received a letter from HSBC telling me that they are going to charge me on the overdraft I have. I have quite a large overdraft (£950) and they want to charge me 9.9% EAR. I was wondering if you have any suggestions about what I should do as I still have expensenses and my overdraft is going to grow and the payments on my overdraft are only going to grow too.

The first thing would be to speak to HSBC, explaining your circumstances and see if they will extend your 0% on the overdraft at all. If they refuse then look for a credit card which offers 0% on balance transfers, I believe Egg and Mint are two cards which will transfer a balance from an overdraft. That way you will get an Interest free period for 6 - 9 months until you manage to sort your finances.