Overdrawn Britain – 1/10 in the red

Posted in News About Loans For People With Bad Credit

Over 4.5 million people are now in debt to their bank or their building society. With a further 11% dipping into their overdraft monthly and another ¼ every now and then, one in ten people are constantly in the red.

 

Millions of people fork out £30 a month in interest and charges, over £300 a year on penalties they cannot afford if they are struggling to stay out of the red and in the black.

 

Ian Williams – Director of Communications at thinkmoney who conducted the research has said “slipping into an overdraft is a common fear – and the charges soon mount up, especially for those who don’t have an authorised overdraft”. Therefore it is important to research different bank accounts and to make sure you have one that suits your financial needs. It is important to set up an authorised overdraft so charges so not escalate out of control and with the seven day switching service now in operation it is worth looking and comparing current accounts and chargers to find one that suits you.

 

If you are struggling with debt there is help and support available such as charities, citizens advice centres and debt management companies which can help you take control of your finances.

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