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Martin Lewis issues 'danger debt' warning to millions of people using an overdraft on their account
07.01.2022 - 13:07 / dailyrecord.co.uk
Martin Lewis has issued an important warning to everyone in the UK currently using their overdraft facility with their bank or building society.
During his first appearance on This Morning after the festive break, the money-saving expert was left saying "oh dear" on Thursday's episode after hearing a caller’s overdraft mistake.
The financial guru was asked by a woman who has gone £800 into her overdraft, while on maternity leave and receiving maternity pay, to centralise her debts was the right thing to do, but Martin quickly responded that it was actually the wrong thing to do, reports Birmingham Live.
Martin said: "Oh dear.
“Look, I need to say this to you and to everybody else. These days, overdrafts are a ‘danger debt’.
"They are at 40 per cent APR typically, 40 per cent annual interest.
"Even a normal credit card is 18 per cent, so they are over double the cost.”
He continued: "If you have credit card debts, in most cases, you want to minimise what you are paying on the credit card to reduce your overdraft.
"Overdrafts are a debt and in most cases they are now a very costly debt.
"If you have that debt, you need to start to repay it each month by having more money in your account."
The award-winning financial journalist also suggested talking to your bank or lender to see if there are any other options.
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