Authorised overdraft interest charges 'on the increase'

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Authorised overdraft interest charges 'on the increase'

The changes levied on authorised overdrafts have increased in the past two years by ten per cent, according to the figures from moneynet.co.uk.

In February 2008, the average rate on an authorised overdraft stood at 13.85 per cent, while today it is 15.32 per cent.

Andrew Hagger, spokesperson for moneynet.co.uk, said that in 2008, overdraft charges of £69.25 would be given with a loan of £1,000.

However, the same sum today would see a charge of £76.63 being issued to customers.

Despite the improving economic situation, Mr Hagger said he does not see the situation getting any better, especially as Barclays have announced an increase in their charges, which are due to come into force in April.

Consumers who have taken out loans on credit cards may also be finding themselves in trouble, as the website also reported that interest rates on plastic are at their highest point in ten years, with the average amount being close to 19 per cent.

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