Over 2 million Britons in the red
by Kay Murchie
A study from moneysupermarket.com, the online comparison site, has established that over 2 million working Britons are permanently overdrawn and those who do come out of the red when they have been paid tend to slip straight back into their overdrafts.
In addition, 10 million people admitted to being in the red at least once over the last 12 months.
A spokesperson for moneysupermarket.com commented that with interest rates rising 5 times in the last year, it’s no wonder that so many people are constantly overdrawn. With banks charging such high fees for exceeding an overdraft limit, he advised that, in the short-term, many may be better off spending on a 0% credit card.
Nearly 50% of those surveyed said they reduced spending or restricted their lifestyle as their cash started to run out and one in 10 dipped into their savings.
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