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Bank charges: Brits 'struggling to make ends meet'

Brits are frequently making bank claims to make ends meet, the Which? Quarterly Consumer Report has found.

In the last month, 18 per cent of respondents to the poll took out an authorised overdraft, while three per cent made a payday loan claim.

Many people are reducing their outgoings by scrapping or cutting back on big-ticket items, such as socialising (56 per cent) or holidays (57 per cent), while 89 per cent of people are worried about fuel costs and 79 per cent are concerned about gas and electricity prices.

Furthermore, 48 per cent of people said they would struggle to deal with unexpected costs, while 35 per cent reported that they find it hard to cope with their current income.

A recent study by M&S Money found the average UK family could cope with just two unforeseen expenses in one month before it would have to make a bank claim.

Which? executive director Richard Lloyd said: "Many consumers are clinging to the edge of a financial cliff, with savings at rock bottom and personal debt levels sky-high."

Jennifer Haines
Jennifer's speciality knowledge is credit card changes and balance transfers.


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