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.”