How to battle your borrowing as lending rules change and charges soar
The IndependentSign up to our free money newsletter for investment analysis and expert advice to help you build wealth Sign up to our free money email for help building your wealth Sign up to our free money email for help building your wealth SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Interest rates on overdrafts are rocketing to 40 per cent, and some credit card customers could soon have their accounts suspended. For the last 18 months, credit card customers whose accounts are considered to be in persistent debt will have been receiving letters from their providers. This month, some of those customers may start to receive notifications that their credit card accounts have been frozen because they are not doing enough to clear their persistent debt. The FCA estimates that credit card customers who live in persistent debt are paying around £2.50 in interest and fees for every £1 of actual debt they pay back.
History of this topic
Overdraft fees to be limited under new federal rule
Salon
Millions of overdraft users ‘could benefit from new zero-interest buffer’
The Independent
Coronavirus: How will FCA plans help people with overdrafts or credit card debt?
The Independent
Fears grow for vulnerable consumers as overdraft charges bite
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