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Bank charges: Families finding it harder to meet basic living costs

Families are struggling to avoid credit card and bank charges, as their debts rise along with savings.

That is according to the latest Family Finances Report to be released by financial services firm Aviva, which identified a significant rise in unsecured debt among families with children.

Although savings have risen since January 2011, the report revealed that debt repayments now account for ten per cent of the average family's monthly income, up from eight per cent in January.

With families also expressing fears that they may not be able to meet basic living costs over the next six months, bank charges are becoming a reality for those forced to live in their overdrafts to make ends meet.

Paul Goodwin, head of pensions marketing at Aviva, said: "While it is great news that families are saving more, the fact that many have higher unsecured debts and have seen an almost blanket increase in day-to-day living costs is deeply concerning.

"UK families are worried about the future with almost two-thirds anxious about any increases in the cost of basic necessities over the next six months."

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.  ADNFCR-2776-ID-800552254-ADNFCR

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