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The Independent UK
The Independent UK
Lifestyle
Lucy Leeson

Martin Lewis issues urgent overdraft warning to millions

Martin Lewis

Martin Lewis has issued a warning to millions over the dangers of bank account overdrafts.

The Money Saving Expert founder revealed how most overdrafts cost 40 percent interest, compared to a typical credit card of 24.9 percent.

Speaking on his Martin Lewis Podcast, he warned: “If you are overdrawn your debit card is a debt card too. And it is more expensive than a credit card.”

Mr Lewis explained how people think they should pay off their credit cards first rather than overdrafts, when in reality it should be the other way around.

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