If you bank with HSBC, First Direct and Marks & Spencer then Martin Lewis has some advice for you.
The banks are all set to increase their arranged overdraft interest rates to 39.% next year, which could put families in more debt if they rely on overdrafts to get through the month.
MoneySavingExpert Martin appeared on Good Morning Britain to offer advice to concerned customers.
From March HSBC, First Direct and Marks & Spencer will increase their authorised overdraft rate to 39.9% APR.
He said: "I think this is going to be the new normal.
"Just to explain the type of rise, First Direct at the moment for over £250 is 15.9% and then a £5 daily fee if you go beyond your overdraft limit.
"It's now getting rid of that £5 fee, and will just be 39.9%.
"What we're seeing is a shift from people who go beyond their overdraft limit to people who are within the limit."
This is what Martin said customers should consider doing:
"First Direct has a £250 0% overdraft and gives you £50 to switch to it, so if your overdraft is £300, switching there might help.
"Nationwide has a one year interest free overdraft credit score dependent, so you can move there and try and get rid of the overdraft within the year.
"Otherwise, you need to look at a specialist money transfer credit card, which will pay your overdraft for you, so you owe the credit card instead.
"Don't sit on your overdraft, an overdraft is a debt."
