Money-saving guru Martin Lewis has issued an urgent warning to anybody who is currently in their overdraft.
Appearing on ITV's This Morning, Martin urged viewers to be aware of new overdraft rules coming into place, and as he called it, the resulting 'new danger debt' banking customers could face.
He told Holly Willoughby and Phillip Schofield: "This is a call to action, you need to do something today.
"Overdrafts are the new danger debt."
His warning comes ahead of 6 April - when most overdrafts will cost 40% (that's double the cost of a typical credit card).
Martin explained: "This is a really important warning for those who are constantly in their overdrafts as things are likely to get much more expensive."
Martin continued: "For people who go into their overdraft for a short amount of time and don't go too much, it's better.
"But for someone with a £2000 overdraft and are constantly in it, under the new system they'll pay £800 a year."
In a bid to put viewers' minds at ease, he then explained: "Under financial rules you have a right to be treated fairly. If you've overdraft has gone up substantially, there's nothing in the fairly rules that say they can't put your overdraft rate up.
"But if it puts you into financial hardship, you can argue you're not being treated fairly.
"See what they do, and if they don't do anything, go to the financial ombudsman service."
Martin has advised those with direct debits to set them to leave bank accounts the day after pay day, as this will help prevent overdraft usage.