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Falling into the red: Overdrafts and debt

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How overdrafts can lead to problem debt

Our new briefing looks at how households on tight budgets turn to credit like overdrafts to cover shortfalls in their household finances and how this can lead them to be at greater risk of falling into problem debt.

Regularly having to go into an overdraft, or over an overdraft limit, and being hit by unarranged overdraft charges can lead to and exacerbate financial difficulties for many financially vulnerable households.

Overdrafts are a significant part of the debt landscape

More than half of our clients have overdraft debt. Our research also found:

  • Overdrafts are the second most common debt type we see (after credit cards) –52.8% of our clients have overdraft debt.
  • We helped nearly 100,000 people with overdraft debt in the first half of 2016.
  • The average overdraft debt among these clients is £1,679

Download the report now for the full picture. 

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Helping you become debt free...

“I wish to thank your staff for all the great help they gave me when I was in so much debt.
They were a pillar of support to me.” (Leslie, Essex)

Foundation for Credit Counselling Wade House, Merrion Centre, Leeds, LS2 8NG trading as StepChange Debt Charity and StepChange Debt Charity Scotland. A registered charity no.1016630 and SC046263. It is a limited company registered in England and Wales (company no:2757055). Authorised and regulated by the Financial Conduct Authority.

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© StepChange Debt Charity 2019