The 20th - when Britain goes overdrawn

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The 20th - when Britain goes overdrawn

Mon 20th Apr 2009

Today is the day that most people are most likely to enter their overdraft during this month, according to research by Opinium.

Commenting on the finding, moneysupermarket.com noted that Britons are now plunging into the red seven days earlier than they were last year.

Furthermore, 17 per cent are now continually living within their overdraft - an increase from 2007's level of ten per cent.

Kevin Mountford, head of banking at the website, said that those who are constantly overdrawn should look at where they are able to save money.

"Anyone who fears they may exceed their overdraft needs to speak to their bank to see about temporarily increasing their limit to avoid being stung by unauthorised charges," he continued.

Meanwhile, moneysuperket.com has claimed that with loan rates falling for the first time since last August, competition could finally be returning to the lending market.

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