This week the UK’s Financial Conduct Authority celebrated effectively banning unarranged overdraft charges, but the result is everyone will now pay around 40% APR, hammering those that already account for 80% of overdraft borrowing: customers trapped inside their overdrafts all year.
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For all of the statistics I quote, see: ‘High-cost Credit Review: Overdrafts‘, Financial Conduct Authority, May 2018’ pp.50-54
And here for the FCA’s ‘Assessing creditworthiness in consumer credit’ 2017 report, conspicuously leaving out overdrafts.
And here for my article for iNews, covering the stories of Issac and Carly