Debt management company Gregory Pennington has advised borrowers who find themselves stuck in a 'cycle' of debt to talk to an expert debt adviser and find a solution that could help them regain control of their finances.
The comments are in response to research by moneysupermarket.com, which found that one in ten UK adults are permanently overdrawn - that is, their monthly earnings don't fully cover their overdraft debt.
An expert at Gregory Pennington commented:
"Anyone who can't get out of their overdraft, even after being paid, is likely to be in a serious situation. Interest rates and other charges on overdrafts often exceed typical credit card rates, and for people who never get out of the red, this could mean being charged every month.
"This research addresses those who are permanently overdrawn, but it's likely that there are many more who always end the month overdrawn and can't quite break that cycle. This too...