Britons who have an authorised overdraft are being hit with record bank charges, it has been claimed. The Bank of England has revealed that people who have got an overdraft are being charged 19.47 per cent for the privilege, This is Money reports. In essence, if you have held an overdraft of £1,000 for 12 months, you will have been forced to pay out £200 before other charges are even added. This has led to an increasing number of people having no choice but to take out a payday loan, which often leads to a slippery financial slope. Leaders at saveoursavers.co.uk recently hit out at Bank of England chief Sir Mervyn King's claims that many Britons stopped borrowing money when the recession took hold. They stated that Britons are more indebted than ever, with credit card arrears reaching £56.5 billion in November 2011. This is despite the fact that £13 billion of debt was written off between 2008 and 2011. Jennifer HainesJennifer's speciality knowledge is credit card changes and balance transfers.
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