WORRYING about your overdraft with no way of fixing it can be extremely stressful. With over 2 million people stuck in overdraft debt and even more ”living beyond their means”, we help to breakdown the best ways to cut the costs of the pricey provision. Today, the Financial Conduct Authority (FCA) announced plans to crackdown on high-cost credit, including those charged by rent-to-own firms, overdrafts and stricter rules for doorstep lenders, thanks to The Sun’s Stop The Credit Rip-Off campaign. As part of the review, banks could be banned from charging higher fees for unarranged overdrafts to prevent millions of Britons slipping further into debt. But these changes aren’t likely to come into effect until April 2019. An investigation by consumer group Which? found that some banks’ rip-off unarranged overdraft fees are worse than ones on a payday loan, naming Santander as the worst offender. Here’s what you can do to cut the costs: Beware of your balance There are several ways to keep a keen eye on your bank balance and in the case of overdrafts, sometimes, prevention is the best cure. It’s the easiest way to avoid costs but not always manageable, but keeping an eye on your balance to… Read full this story
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Stuck paying an expensive overdraft to your bank? Here’s how to cut your costs have 326 words, post on www.thesun.co.uk at May 31, 2018. This is cached page on The World Articles. If you want remove this page, please contact us.