New overdraft rules will come into force this April, meaning that firms must charge a simple annual interest rate, without additional fees and charges, for using an overdraft.
This means that while headline interest rates will increase, the cost of borrowing will go down or remain unchanged for most people.
The new rules will make it easier for individuals to compare the cost of overdrafts between providers and different forms of credit.
If you think you’ll be affected by these changes, other forms of more affordable finance could be an option.
To find out if a consolidation or refinance loan could be a good alternative for you, complete our dedicated enquiry form below and a member of our team will be in touch.