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with help from
Government Legislation

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Switching banks could be an option for people who are stung by increases in overdraft charges, it is claimed.

This could be particularly useful for those who rely on their overdraft to make ends meet, noted Tom Howard, spokesperson for the Consumer Credit Counselling Service.

"After all, there’s no point paying more than you have to to borrow money, and unfortunately keeping a loyalty to one bank counts for little these days," he continued.

Nonetheless, Mr Howard believes banks are likely to "hike their charges to stay competitive", which could result in more people choosing to stick with their current provider.

Research from Abbey found earlier this year that more than two-thirds of Britons (69 per cent) have at least one credit card, with the average credit card debt standing at £3,256.

Those aged over 55 are most likely to own a credit card (77 per cent), compared to 71 per cent of those aged between 35 and 54, the statistics also revealed, while one in five Britons with credit card debt are planning to transfer their outstanding balance over the next few months.

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