In response to the Consumer Credit Counselling Service’s report that more people are struggling with overdraft debt, Which? executive director Richard Lloyd said:
“Hard pressed consumers are increasingly turning to more expensive forms of credit such as overdrafts and pay day loans just to make ends meet. And with a lack of competition on the high street, banks have been able to get away with increasing charges for authorised overdrafts to record highs.
“Complicated pricing structures also make it hard for people to compare charges and to work out how much it will cost to use their overdraft. The regulator must clamp down on rip off bank charges as part of the wider big change in banking that’s needed so that we get banks for customers, not bankers.”