Overdraft Debt Increases

It is likely that overdraft debt is going to be on the increase in 2009, as bank account holders, who exceed their agreed overdraft limit, can expect to be charged at least £5 everytime this happens.

According to MoneyExpert.com, there have been a number of banks who are increasing charges for going over agreed limits. This is a 20% rise from last year, as the amount for going overdrawn has reached as high as £30.

Sean Gardner from the website, commented: “Across the board borrowing is increasingly expensive and those customers living in their overdraft need to be aware that in the majority of cases they’ll pay a premium for this cash.”