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.
Source: The Guardian