Debts ‘deterring bank account switching’

A full two-thirds of consumers in the UK feel trapped by their banks and one in seven cite an inability to clear debt as the reason why, independent personal finance website Fool.co.uk has revealed.

Reflecting on his organisations own findings, Fool.co.uk’s head of personal finance David Kuo described the number of people who feel a change of bank account would be a waste of time and effort as “disappointing”.

“Perhaps the most distressing finding is that many people believe that being overdrawn prevents them from moving banks,” Mr Kuo remarked.

“These customers can benefit greatly from moving to banks with better deals,” he added.

Earlier his week, the associate director of financial education charity Credit Action suggested that the ease of borrowing the UK is behind much of the country’s debt management problems.