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Debt: 1 in 10 Britons permanently overdrawn
24 February 2010
Research by moneysupermarket.com has revealed that one in 10 Britons are permanently overdrawn, the Guardian reports.
The figures show that five million Britons are always in debt to their bank. 12% of current account customers go into their overdraft at least five times a year, while 38% have dropped into the red at least once over the past year.
Kevin Mountford, Head of Banking at moneysupermarket.com, said: "With rising inflation, it is going to be difficult for many to break the habit of living in the red, and it may be that more people will fall back into this position as living costs increase."
"The dangers of being overly, or entirely, reliant on your overdraft are clear; firstly this can be an extremely expensive debt to carry if it hasn`t been agreed with your bank in advance, and secondly your bank can reduce the size of your overdraft with little warning."
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