Advice offered to Brits on overdrafts

29/04/2009

Brits who don't know what it's like not to be overdrawn at the bank urgently need to get their finances sorted, a major advice website said today.

Debtfreedirect.co.uk issued the advice, following the release of figures showing that the average worker who can't stay in the black becomes overdrawn just 20 days after payday.

The report, from financial website Moneysupermarket.com, also revealed that 17 per cent of people are always in their overdraft.

Derek Oakley, head insolvency practitioner at DebtFreeDirect.co.uk, said: "It's important to review your financial situation and check that you are receiving everything that you are entitled to, for example benefits and tax credits, and to check your outgoings to ensure that you are paying the lowest rate possible for essentials such as gas and electricity, water and telephone."

He added: "Cut down on expenditure where possible, and share your concerns with family and friends so that they understand the situation and do not encourage you to over-spend."

The recent report also showed that just over half (53 per cent) of working Britons had used their overdraft at least once last year.

Tags; Debt Management and Banking, Credit Card Lifestyle, Recent Graduate Debt,

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