Should I increase my overdraft if I need more money?

Should I increase my overdraft if I need more money?

David Malcolm (Student Finance Policy Officer) gives expert video advice on: How should I choose a bank account?; Should I increase my overdraft if I need more money? and more...

Whether or not you should increase your overdraft if you need more money would be something for you to decide. Once you get to the limit of your interest, the overdraft is possible and the bank will charge you interest, certainly if you go over that limit without permission. Even if you arrange an extra overdraft, they'll probably charge you interest on that as well. So, the important thing to do is to speak to the bank, and find out how much it would cost you. However, if you are getting into financial difficulties and would need to do that, you should possibly talk to the student advisor in your student union or in the university or college about why it is that you're needing this extra money, and whether other sources of finance might be available, and just to help you with financial planning or budgeting or so on, to make sure that you don't get into difficulty.