Overdrawn is a way of life for more than two million people in the UK.
That means every single month their bank takes money from them in interest and charges that they could be using to pay for essentials like rent, food and heating.
That’s according to StepChange Debt Charity, which found evidence of unaffordable lending in the overdraft market where banks have failed to offer their customers a means to deal with overdraft debt – even when customers have made it clear they are in financial difficulty.
Overdrafts are one of the most common credit products used in the UK,” said Peter Tutton, head of policy at StepChange Debt Charity.
“They are meant to be short-term, but our evidence shows that they can all too easily trap people in …
Read the full article at: http://www.mirror.co.uk/money/millions-trapped-debt-spiral-overdrafts-11645198