Debts Through Overdrafts Must Be Dealt With, Say The Debt Counsellors
Debt help organisation The Debt Counsellors insists current account holders should be looking to clear their overdraft debts, despite the news that the Office of Fair Trading is taking up the issue of bank charges.
UK overdraft fees could be revised in the future, with the Office of Fair Trading (OFT) declaring that many of the charges made by banks have been set at a "significantly higher" level than "what is fair". However, debt help experts The Debt Counsellors believe that the only way to avoid unnecessary payments is by clearing overdraft debts altogether.
Charges on unauthorised overdrafts and failed transactions are estimated to bring up to £5 billion a year to the banks.
Now the OFT is in the process of examining these charges and will take six months to finalise its views. However, when the OFT made a similar enquiry into credit card penalty fees, its damning conclusions pressured many major credit card providers into slashing their charges.
But although a similar reduction in overdraft fees could be on the horizon, The Debt Counsellors are concerned that this could lead to complacency among consumers and are recommending that current account holders clear their overdraft debts.
John Porter, a senior counsellor with The Debt Counsellors, said: "We welcome the OFT's decision to look into the charges associated with overdrafts, but consumers should address the heart of the issue – the debts themselves.
"As long as debts exist, they are a burden, no matter what charges are being paid. Therefore, we urge anyone worried about their overdraft, credit card debts or personal loans to seek professional debt counselling."
The Debt Counsellors offer free, confidential debt advice on all kinds of debts and debt problems.
For more information, see: http://www.debtcounsellors.co.uk
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