Martin Lewis warns about high overdraft fees at 40% APR, advising prioritizing reduction and exploring alternative borrowing options.
Money-saving expert Martin Lewis cautions bank customers about the exorbitant fees linked to overdrafts, with interest rates often hitting 40% APR—higher than most credit cards. He advises prioritizing the reduction of overdraft debt over other debts and recommends exploring alternative borrowing options to save money. Many high street banks, including Metro Bank and Lloyds, charge a standard overdraft rate of 39.9%.
October 02, 2024
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