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CHESTER, England , May 14, 2012 /PRNewswire/ -- Brits most likely to turn to savings, authorised overdrafts andplastic when running out of money Avoid mounting interest and shop around for the best product foryour needs Brits running out of cash before pay day could be stacking up highinterest by misjudging the way they use their credit cards andoverdrafts as a backup, according to research* from MoneySupermarket.com . The UK's number one comparison site asked consumers where they turnwhen they run out of money, and found savings, authorisedoverdrafts and credits cards are the top three 'go-to' resorts forbackup cash. Over a third (38 per cent) dipped into their savingswhen they ran out of money, and 29 per cent used an authorisedoverdraft to boost their cash flow. In addition, a quarter (25 percent) used a credit card to tide them over until the next payday.The results also found 20 per cent borrowed money from friends orfamily and eleven per cent extended an overdraft limit. Four percent used a pay day loan when running out of money. MoneySupermarket also calculated the additional amount ininterest** those turning to credit cards and overdrafts would pay,and found someone using their authorised overdraft (afterintroductory offers) of 500 for one day with Halifax would accrue interest of 4 in a month, or 48 in a year.The amount of interest rises to a huge 300 if the same debt isleft for 30 days, over half the original amount 'borrowed'.However, compared to an average credit card rate of 17.31 percent** (once introductory offers had expired) spending 500would incur a charge of 6.70 of interest over a month, or 75.46 in a year if only minimum repayments each month weremade. Kevin Mountford , head of banking at MoneySupermarket.com said: "Many consumers are struggling to keep their heads above the waterdue to the high cost of living. The high number of people turningto their savings pots as a backup for extra cash is reassuring,given times really are tough. However, for those relying on creditcards or their overdraft as a fall back until pay day, as ourfindings show, it really does pay to research your options andthink about the additional interest you could end up forking outbeforehand. A balance transfer credit card could be a good optionfor those with existing debt on other cards, for example a zero percent card such as Barclaycard's Platinum Credit Card with extendedbalance transfer offers 22 months interest free on transfers." Women are more likely to fall back on their savings pot than men,with 40 per cent saying they have done so in the past compared to35 per cent of males. Those unemployed said they have borrowed fromfriends and family first (35 per cent). Kevin Mountford continued: "For those who are continually struggling to stay out of the redbefore pay day each month, I would advise spending a few minutes tocheck through all outgoings, in order to work out where savings canbe made. Reviewing your personal finances to see where savings canbe made can help you release vital cash which can help alleviatethe financial pressure." Notes to editors: *Opinium Research carried out an online survey of 2,016 UK adultsaged 18+ from 4 th to 8 th May 2012 **Tables to show overdraft interest and charges Sourced by 11.05.2012 Taking an average APR of 17.31% (BoE April 2012 ) you would pay the following: 500 spend - Interest charge of 6.70 in one month or if youleft this balance on the card for a year you would incur 75.46in interest charges based on you paying a minimum repayment of 2.5%each month. 1,000 spend - Interest charge of 13.40 in one month or ifyou left this balance on the card for a year you would incur 150.93 in interest charges based on you paying a minimumrepayment of 2.5% each month. MoneySupermarket.com's customer commitment No other site compares more prices or products We are independent so only find the best deals for you The price you see is the price you pay - you don't need to godirect and you won't get a better deal doing so Your details are safe with us and we won't sell them to anybody MoneySupermarket.com compares (at 29 th March 2012 ) 98 car insurance providers and 81home insurance providers 11 broadband providers and 18 energy providers 31 unsecured loan and 5 secured loan providers 62 mortgage lenders and 28 credit card providers 67 savings providers and 37 current account providers. Over 1,750,000 mobile phone deals We promise to be clear and impartial All the products in our full search results tables are displayed ina completely unbiased manner. We don't add fees or commissions on to the prices we compare. There may be times when another site compares more companies thanus on a particular product, perhaps because of market changes ortechnical issues. You'll be able to see this and know we areworking hard to fix it. We promise to be trustworthy We never use your data to make unwanted sales calls or send youspam. We never pass your personal information to third parties unless yougive us permission to do so. Even if you choose to receive additional information from us, youcan opt out at any time. We promise to be supportive. You can use our community forum to get information and help fromother customers. If you need further help or support, you can contact our salesadvisors or customer services agents. For further information please contact: Paul Lawler PR Manager Financial Services +44(0)1244-370371 +44(0)787-237-9545 paul.lawler@moneysupermarket.com. The e-commerce company in China offers quality products such as Yoga Stretch Band , China Silicone Kitchenware, and more. 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