Home > All of our financial tips > The end of absurd overdraft fees?
The end of absurd overdraft fees?

The end of absurd overdraft fees?

The end of absurd overdraft fees?

With today’s financial climate it’s harder than ever to keep up with your bills. So, the last thing you need is a sneaky overdraft fee making things even worse. In fact, watchdogs found that some banks are charging ten times higher than payday loans. Fortunately, these unreasonable fees have begun to be phased out, meaning you can avoid any nasty surprises and get onto spending your money the way you want to.

A sizeable market

In the year 2017, our banks made a whopping £2.4billion from their overdraft users who went into the red. I bet that makes you feel a lot better about it doesn’t it? On top of that, 50% of any unarranged overdraft fees came from 1.5% of customers. This shows that vulnerable customers were hit the hardest. Some banks were taking money out for every single day you’re in your overdraft. So, you can see how easy it is to find yourself drowning in repayments.

A brighter future

Fortunately, new legislation will make products easier to manage, saving thousands of people from struggling with debt. However, if you’re unhappy with the service your bank is providing, there are 0% or cheap overdraft options available if you look hard enough. Another option if you have a bigger overdraft is to shift your debt to a 28-month 0% credit card. Or you could use savings from another account to cover the cost – although for the majority of people that’s easier said than done.

Loanbird.co.uk believes in providing you with an option that suits your needs. Whether you need to consolidate your debts, look at payday loans or browse bad credit loans, we have you covered. It’s easy to apply. Simply use our online form and you’ll be presented with options from a wide range of respected lenders – it couldn’t be easier!

Leave a Reply

Your email address will not be published.