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Brits `rely too much on unauthorised overdrafts`
9 January 2008
More than one million Britons are using unauthorised overdrafts which charge interest at double the rate of authorised loans, new research shows.
A study by Moneyfacts found that some major high street banks will charge customers £60 interest for a £100 unauthorised overdraft every two weeks.
As a result, UK consumers` reliance on unauthorised overdrafts - along with credit card debts - are forcing more people to consider professional debt advice.
Lisa Taylor, analyst at Moneyfacts, said: "If you are getting close to an agreed limit, don`t bury [your] head in the sand, the problem won`t go away.
"Visit your bank or pick up the phone and speak to an advisor - it`s got to be better than being hit with a further penalty that you can ill afford."
Recent research by Credit Action found that the average British household owed £8,956 in overdrafts and personal loans at the end of November.
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