Steve Beasant

Liberal Democrat Prospective Parliamentary Candidate for Great Grimsby and Councillor for the East Marsh Learn more

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Vince Cable: banks wrong to use overdraft problems for profit

by Steve Beasant on 6 December, 2017

The financial charity StepChange has called for an end to unauthorised overdraft charges because they trap people in perpetual debt. 

Liberal Democrat leader Vince Cable said: 

“More than two million people used their overdraft every month last year. It’s wrong for banks to use unplanned overdrafts as a profit centre, this simply perpetuates the cycle of debt. Ending these charges would help millions of individuals and families.

“The Government must also speed up the introduction of the ‘debt breathing space’ scheme, which it sat on for far too long. This would allow people a window when they would be protected from further interest, charges, and enforcement action, giving them the opportunity to repair their finances.”

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