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|StepChange Debt Charity response to Which? research on overdrafts|
|Wednesday, 08 February 2017|
In response to Which? research showing that unauthorised overdrafts can cost more than payday loans, Mike O’Connor, Chief Executive at StepChange Debt Charity, said: “This research shows some of the serious problems that overdrafts can cause and further highlights the need for urgent action. Every day we help people who have regularly exceeded their overdraft limit and been hit with extra fees and charges. This has made getting back on track the next month an even more difficult challenge.
“Our latest research shows that 2.7 million people a year now use overdrafts just to meet everyday expenses . Without action, hundreds of thousands of people risk being stuck in a borrowing cycle, trapped by spiralling fees incurred through just trying to make ends meet. The time has come for the FCA to cap unarranged overdraft charges and look at the widespread problem of persistent overdraft debt.”
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