5m Britons live on overdrafts claims survey
Article by Paymex 1st Mar 2010 00:00
New research from moneysupermarket.com shows that five million people are always overdrawn, a reduction from 17% of UK adults from 2008 to 10% in 2009.
Kevin Mountford, head of banking at moneysupermarket.com, said: "Whilst it is encouraging to see less and less people reliant on their overdrafts, we should be concerned that there are still such a large number of people permanently overdrawn.
"With rising inflation, it is going to be difficult for many to break the habit of living in the red and it may be that more people will fall back into this position as living costs increase."
Nick Pearson from debt solutions experts Baines and Ernst commented “Living in perpetual overdraft is often a symptom of underlying serious debt problems. People who are always overdrawn should seek advice before their problems get any worse.”
Baines and Ernst Ltd