Millions of Brits ‘forever in the red’

YouGov compiled the latest data that shows almost half of all employed Britons fell into the red at some point during the last year, while only 40 per cent of 18 to 24-year-olds were able to avoid using their current account overdraft.

Furthermore, as debt management problems worsen around the country, the figures show that for those who cannot avoid their overdraft, the 20th of each month is the most common day to head into the red.

“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,” said Kevin Mountford, head of current accounts at moneysupermarket.com.

“Your overdraft can be a murky place to reside – especially if you are close to the edge of the authorised limit,” he added.

The overall level of Britain’s debt management burden increases by close to £1 million every four minutes, according to figures from Credit Action.