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Consumers `increasingly experiencing debt problems` Over-50s `better at managing credit card debt` New banking rules `may restrict access to loans` UK `must reduce consumer debt` 700k `on Debt Management Plans` Recession `could lead to financial problems for retirees` Charity sees increase in debt, mortgage and loan arrear enquiries Retirees` finances `may be damaged by rate cut` Consumers `aiming to reduce spending` People `increasingly turning to illegal loans` Children raised in credit crunch `may be better able to manage money` Many parents `pushed into debt by adult children` Young people `failing to protect themselves for debt repayments` Consumers in East Midlands `relying less on debt to fund lives` Plans set out to help people in debt PPI ban `could leave consumers without loan cover` Govt `must step in to stop debt addiction` Cash-strapped Brits `see fraud as more acceptable` People `should not rely on mortgage rescue plan` Consumers `to take out £3bn in debt consolidation loans by Easter`

Overdraft changes `not always beneficial`

08/10/2007

Changes to the overdraft charges administered by various banks are not always beneficial to customers, according to a major consumer group.

A number of major high street banks have recently announced a scrapping of charges to overdrafts after a high profile campaign by consumer pressure groups.

However, the changes brought in by the banks may not help all consumers, especially those in the debt consolidation process. Phil Jones, a personal finance campaigner for Which?, said some banks will increase charges on other services to make up for a loss of income through overdraft charges.

Mr Jones added: "We welcome changes where charges are reduced and easier to understand, but we suspect some banks may be trying to muddy the waters ahead of their date in the high court with the Office of Fair Trading."

Which? was founded in 1957 and is now the largest consumer body in the UK, with over 650,000 members.

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