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UK banks have 2m customers stuck in permanent overdraft

Charity warns of unaffordable lending in overdraft market creating a ‘vicious cycle’ of debt

More than 2 million people in the UK are stuck with permanent overdrafts, with many trapped in a “vicious cycle” of borrowing, according to a debt charity.

StepChange said it had also uncovered evidence of unaffordable lending in the overdraft market, and cases where banks had failed to offer customers a means to deal with their debt, even when they had made it clear they were in financial difficulty.

Related: Lloyds and Halifax customers face up to 52% APR overdraft fee

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Source: The Guardian