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Martin Lewis issues urgent warning to anyone that's currently overdrawn
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dailyrecord.co.ukMartin Lewis , has issued an urgent warning to anybody in their overdraft, as changes to interest rates are set to rise sharply shortly.
The money-saving expert wrote that “overdrafts are the new danger debt and poised to double the interest of high street credit cards,” in the latest edition of MoneySavingExpert's weekly newsletter .
Last year the regulator, the FCA, ruled that from April 6, 2020, all banks must replace daily/monthly fees with a single interest rate to improve transparency , which Martin says are “transparently hideous” as almost every bank will now charge around 40 per cent.
Nationwide's rate changed in November - this week HSBC, First Direct and Marks and Spencer do it on Saturday, March 14 and the rest will roll out
Read more on dailyrecord.co.uk
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