Is an overdraft a good idea?

Basically, my financial situation at the minute. I have enough money to live on until my next batch of loan comes in at the start of May. But I'll have to cut out the entire social side of University life in the pubs etc. (which I'm really enjoying at the minute). I'm entitled to a £750 overdraught interest three until 3 years after graduation. But this will put me in more debt not to mention the tuition fees and maintenance loans that'll have to be paid back (in small doses admittidly). Don't know what to do. One side of me is saying, sod it, spend more of what you haven't got as you're enjoying yourself and only going to be here once, the other says, hang on a minute, overdraugh? More debt?

On the subject of work, I've been trying all month, but everyone wants someone who is going to be in Aberystwyth all year round (in the summer). Sent in a few CV's, but having a frustrating lack of replies.

From someone who has to work 70 hour weeks to pay of debt. Unless you absolutely have to. Try not to. Debt is bad mmmkay.

Hmm

Better to plan for interest free debt than interest, interest is just lost money.

And don't sweat maintenance grants you won't have to pay them substantially back for some times.

But I'd start planning to live cheaper and earning more if you don't want that mountain to be to huge.

I'd also suggest that pub at college is an equation of, golden memories of college vs future repayments.

Pubbing without earning is a blowtorch to bank balance.

Personally, if I could go back and turn down my student overdraft then I would.

Have you truly experienced the joy of Thunderbird in your digs?

What?

Sounds kinky.

I'm not sure if the youngsters are confused by 'Thunderbird' or 'digs'. Or both. But it made sense to me.

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In a word "No".

In two words "F**king no!"

Then again, my generation took out big overdrafts, loans and crazy mortgages and our debt doesn't seem to have caused any harm.

"It's the Scat Signal!"

Actual it does look like elite Austrian bottom inspectors hunt down bed pooper.

Quote: Tim Walker @ February 17 2011, 10:36 PM GMT

In a word "No".

In two words "F**king no!"

Then again, my generation took out big overdrafts, loans and crazy mortgages and our debt doesn't seem to have caused any harm.

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So what you saying?

It's only money - and the world may end tomorrow.

I managed to clear my debts by accessing my pension and then getting a substantial redundancy.

Got no money to spare but no overdraft (but a credit card bill.)

Anyway I'm going to be a succesful writer soon!!!!

Wait til you have kids. Then you'll know what being hard up is - no I didn't mean that.

To be a succesful writer- you could write a decent system of fitting Torres, Anelka and Drogba in your team, I can't think of a possible way of getting them all in. Take Drogba over Torres though anyday of the week.

Quote: Jack Massey @ February 17 2011, 10:54 PM GMT

So what you saying?

View original

I don't know!

In my experience, once you're in the red at the bank you tend to stay there far longer than you intended. And one debt tends to spawn another. Beyond unavoidable student loans I'd attempt to live within your means whilst at Uni. In fact, that philosophy will stand you in good stead even when you've (hopefully) got into full time employment. It may seem boring, but the financially sensible tend to end up having more money available for more fun.

Best of luck, anyway.