UK Money News
29th July 2008
More Brits dipping into overdrafts
More and more Britons are being forced to rely on their overdraft facility, despite being hit by punitive charges, according to a price comparison site.
Official figures recently revealed that the total personal loan and overdraft debt being faced by Britons has risen from £161 billion to £177 billion over the last year.
Tim Moss of moneysupermarket.com said that this suggests that Britons who are struggling to get approved for personal loans are instead turning to their overdrafts to get by.
He told the Times: "The number of personal loans has fallen dramatically due to the tougher lending criteria from the banks, so to still see such a rise in personal debt implies that people are using their overdrafts as a way to cope with everyday living costs."
The increasing use of overdrafts comes as average authorised rates on the facilities have risen from 17.4 per cent to 17.9 per cent over the last month.
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