Getting into debt in your overdraft is getting more expensive. The average authorised overdraft rate has hit the highest level in a decade according to Moneyfacts. It found the rate stands at 14.22 percent in 2010, despite the base rate of England being at a record low. If overdraft charges are exacerbating your debt problems now is a good time to look at solutions. An Individual Voluntary Arrangement (IVA) is available to a person with unsecured debts of over £15000, while Debt Relief Orders (DRO) help those owing smaller amounts. With both an agreement is reached with creditors to pay back a manageable monthly amount over a set time period before going debt free. In May 2000 overdraft rates hit 14.22 percent.
Overdraft rates increasing
May 14, 2010 By
