Too many people in the UK are living in their overdrafts, a financial expert has claimed, which could interest those trying to improve their credit ratings.
Jasmine Birtles, founder of moneymagpie.com, said that lots of people across the nation are depending on what they see as 'free money'.
"Most overdrafts aren't free and, not only should we not be living off our overdraft but we should be comfortably in the black at any given time," she stated.
She went on to say that people should also aim to have some cash in their savings accounts to use in cases of emergency.
Ms Birtles said that one of the problems is that people are not familiar with the terms and conditions that come with their overdrafts.
Her comments follow the publication of the 2010 Survey of European Consumer Finances, conducted by Janus Capital, which revealed that only 32 per cent of Europeans are managing to save money.
Posted by Gemma Walker
