Thursday, 12 June 2008

No more overdrafts

In terms of overdrafts, the credit crunch began in 2005. After the big spending christmas of 2005, banks started to pull away from unsecured personal credit and concentrate on housing loans.

Recently, the trend has accelerated. Since last summer, the stock of outstanding personal overdrafts has fallen in sterling terms.

5 comments:

greenspan's ear said...

So the bank wasn't just picking on me when they refused to extend my overdraft!

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Roy said...

Falling overdraft levels - not surprising given bank interest rates and charges.

Anonymous said...

The lower the better.