2.1 million Britons permanently in the red

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2.1 million Britons permanently in the red

Britons are finding it increasingly difficult to stay away from sliding back into their overdraft each month.

Research from online comparison site moneysupermarket.com indicates that over 2.1 million Britons are permanently overdrawn.

Those Britons who do come out of the red when they are paid each month tend to slip back into their overdrafts.

Some ten million consumers in this country also say how they have been in the red at least once over the past year.

Kevin Mountford, head of current accounts at moneysupermarket.com, said: "It's no surprise so many people are permanently in the red – with interest rates having risen five times in the past year consumers are no doubt feeling the squeeze."

He added: "People often dipping into their overdraft need to watch the Effective Annual Rate as some can be punitive and they may find they are better off spending on a zero per cent per cent credit card in the short-term."

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