British consumers have been urged to check the overdraft conditions associated with their current accounts in order to avoid unnecessary debt management issues.
MoneyExpert warns that many people around the country could be facing extra charges because while 40 per cent of all current accounts offer interest free overdrafts, fewer than a quarter activate the option automatically.
With this in mind, the financial comparison firm suggests that UK consumers ought to make sure that they are getting a good deal on their current account and to change to a more competitive alternative when there is money to be saved.
Sean Gardner, chief executive of MoneyExpert, said: “Banks have come in for criticism for their overdraft charges and low credit interest payments.
“But this is an example of a genuinely useful feature and it’s up to customers to ensure they make the most of it.”
MoneyExpert recently suggested that softlink=”debt_consolidation”>consolidation loans can offer indebted Britons a good way to solve any debt management problems resulting from overspending during Christmas.