Eight million people are due to go into their overdraft this month, with two million believing that they will go into an unauthorised overdraft position, according to the latest Personal Debt Snapshot from R3, the trade body for Insolvency Professionals.
The findings also show that six million people are currently behind with some of their bills and payments – a rise of two million over the last quarter
R3 says the number of people experiencing financial distress has increased to the highest level ever. For the survey ComRes interviewed 2,052 GB adults online between 15-17 April 2011
Frances Coulson, R3 president,said: “These figures make for worrying reading. It is clear that many have found themselves in a position whereby they have to go into and often exceed their agreed overdraft in order to keep on top of their bills and debt repayments.
