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Bank claims: Unsustainable overdrafts becoming more common

Unsustainable credit card charges or personal loan claims are being replaced by bank overdrafts, a study has shown.

The Consumer Credit Counselling Service revealed that in 2007, it helped 58,069 people with their overdrafts, but this skyrocketed to reach 134,540 in 2011.

During the first half of 2012, 69,663 people approached the charity to request help with this type of debt.

Furthermore, the average amount owed on overdrafts was £1,748 in 2007, but this has now jumped to £2,082.

The charity suggested that the rising figures could represent the fact that it is harder for people to succeed when making loan claims or applying for a credit card, so they are using overdrafts to cover additional expenses.

"Hard pressed consumers are increasingly turning to more expensive forms of credit such as overdrafts and pay day loans just to make ends meet," Which? executive director Richard Lloyd said.

"The regulator must clamp down on rip off bank charges," he added.

Amir Hussain
Amir specialises in personal loans, consumer debt and debt managementADNFCR-2776-ID-801468586-ADNFCR

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