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11 October 2010

Unemployed graduate with high overdraft fees

My friend graduated two years ago and is still trying hard to break into a competitive career by opportunistically working in various internships and temping in between. As a result she is generally in employment but does not have a fixed income that she can plan around. She is overdrawn by £1500, which is her only debt (other than student loans), but her current account is charging her £1 a day for this. Is there a cheaper way that she can manage this debt? Is there a current account offering a cheaper overdraft (without having to pay in a guaranteed salary each month)? Or would it be better for her to take out a loan with a lower interest rate? Your advice is much appreciated.

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