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Bank claims: Consumers still 'borrowing too much'

Some consumers are still over-extending themselves financially by following a buy-now, pay-later culture, it has been claimed.

By borrowing too much through loans and credit cards, people could quickly find themselves facing bank charges on overdrafts and debt.

According to Kim Stephenson, financial psychologist and creator of Taming the Pound, many are still spending as if it's 2007 and the recession never happened.

He said: "People are assuming that you can keep borrowing because your house will go up in value and your income will keep rising, so you'll just pay off all the debts in the future when you sell the house.

"Sooner or later the squeeze will shut off their credit, by which stage they will be deep in a hole."

Research by BM Savings suggests that young savers between the ages of 18 to 24 were most likely to overspend on their current account (35 per cent), potentially risking being hit with bank charges.

Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.ADNFCR-2776-ID-800547108-ADNFCR

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