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Know your overdraft charges as these could cause debt problems

Know your overdraft charges as these could cause debt problems

- Thursday, 9 December 2010

Consumers have been advised to find out how much a bank charges for an unauthorised overdraft before joining as these could lead to debt problems.

Ed Bowsher, head of consumer finance at lovemoney.com, made these suggestions as many people seem to be unaware they are charged for an overdraft or how large the charge is.

He said: "When you join a bank, find out if it charges for overdrafts via a daily fee or via an interest charge.

"If you think you're going to have an overdraft for long periods, avoid the daily charges as they can really rack up."

If someone is overdrawn for a long period of time they may end up needing debt help if they get into financial arrears as a result of the charges.

Mr Bowsher made these recommendations as the rates of unagreed overdrafts have increased.

The Bank of England revealed on December 6th that rates for unauthorised overdrafts reached 19.09 per cent in October compared to 18.89 per cent in July this year.

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