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The overdrafts worse than payday loans that trap people in a debt spiral

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Earlier this month, debt charity StepChange warned that spiralling charges on unarranged overdrafts are adding millions of pounds to problem debt. More than 15,000 people a week contact the charity because of problems with overdrafts, with struggling Brits facing charges of £45 a time for exceeding limits - adding around £225 a year to their already heavy debt burden. In fact, a recent Which study which showed the cost of borrowing £100 from some banks for 28 days amounted to as much as £90 in charges, compared with the maximum £22.40 on a payday loan. Mirror

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Bankstard parasites continue to drain the host, the host cannot take much more ..

http://www.urbandictionary.com/define.php?term=Bankstard

Quote

Bankstard

An "Individual" working for a financial institution, normally Board Member or Chief Executive, who possesses no knowledge whatsoever about the industry in which he/she works,  ....


Frank: "Can you lend me a tenner Tony, Bankstards have fined me £35 for an unpaid Direct Debit" 
Tony: "Can't mate sorry they did it to me too" 
Frank: "If only the supreme court of the UK would have ruled against them" 
Tony: "Banks rule everything mate, politicians, media the lot, we're fugged" 
Frank: "No we're not pal, they are, you watch, the era of greed is over, and it won't be coming back for a while! Writing is on the wall for them all!!!"

 

Edited by Saving For a Space Ship

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Just because somebody/thing offers something doesn't mean you have to use it.

With very limited interest in personal finance it doesn't take a genius to figure out loans/overdraft/something looks good to be true/something is free = alarm bells = read the small print/take care.

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..."ButHiggins is a Heathen, And he drives the dreary quill, To lend the poor that funny cash That makes them poorer still. "

GKC. We need him now

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Hardly surprising, when interest rates are so low the lenders are only making up lost income from charges and fees....saving money on debt is not using the debt or using it the way they tell you to use it ( hoping you don't )...;)

Edited by winkie

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