UK Money News
1st January 2008
Free overdrafts 'can provide valuable help with money's'
Consumers looking for help with money should take time to become aware of the possibility of an interest-free overdraft, it has been claimed.
Price comparisons and personal finance advice site MoneyExpert.com states that around four in ten current accounts offer an interest-free overdraft facility, although less than half of these automatically set up the financial buffer without prompting.
While the average interest-free limit stands at £428, some personal finance institutions offer up to £3,500 without charging, the site claims.
Sean Gardner, chief executive of the firm, says: "Banks have come in for criticism for their overdraft charges and low credit interest payments.
"But this is an example of a genuinely useful feature and it's up to customers to ensure they make the most of it.
He adds that the facility could provide valuable help with money to those feeling the financial strain after Christmas.
Earlier in December, the price comparisons site stated that more than four million people in the UK were still paying off debts accrued the Christmas before, as people struggle to balance demands on their finances.
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