The fast debt trap: If the monthly expenses are permanently above the income, many use the overdraft facility. But this is exactly where the risk is.
In order to bridge short -term bottlenecks, many use the overdraft facility. But the high interest rates make the overdraft facility one of the most expensive credit forms. In the end, those who use this financing over a longer period of time pay significantly more – and run the risk of getting into a debt spiral.
What is a overdraft facility?
A disposition loan (short: Dispo) is a credit frame granted by the bank on the checking account. The height usually depends on the regular salary and is mostly due to the two to triple of the monthly income. The use is flexible, a separate application is no longer necessary – that is exactly what makes it so seductive.
However, the costs are high: between 4 % and 14 % interest Currently demand banks. An overdraft of 1,000 euros at 10.5 % interest causes round in one month alone 8.75 euros in costs – calculated on the year 100 eurosand only for the use of a minus amount.
Even more expensive: the tolerated account overdraft
If the dispolimite is exceeded or there is no set up disposal at all, one speaks of a tolerated overdraft. In these cases, banks often demand even higher interest rates – partly up to 15 % Or more. A 60-day overdraft by 1,500 euros can be found so quickly over 50 euros cause interest costs.
Two ways out of the overdraft facility
1. Leading rescheduling by installment loan
A classic installment loan is significantly cheaper: the interest is currently on average 2.5 % to 4 % – A fraction of the overdraft interest.
Example: With a loan over 1,000 euros and a term of 12 months you pay round 85 euros per month – and overall only approx. 14 euros interest.
Important: The overdraft facility should after the debt rescheduling immediately terminated or significantly reduced to avoid renewed debt.
2, monthly expenses reduce permanently
In the long term, only one thing helps: to control the monthly expenses and to lower them in a targeted manner. A realistic budget is the basis.
Additional tips for the way to financial freedom
Create the budget: List the income and expenses precisely to recognize savings potential.
Build up herbone: A reserve account with 2–3 monthly salaries helps to bridge future bottlenecks without a loan.
Content partnership
This article is in cooperation with Fortunalista.de developed. Fortunista is committed to financial education and independence-especially for women-and supports them with online workshops, seminars and courses on their way to more financial self-determination. Download the free budget planner on Fortunalista.de now.
Save regularly: Even small amounts (e.g. € 25 per month) make a difference in the long term – especially if they are invested.
Strengthen financial knowledge: Anyone who understands their finances makes better decisions – e.g. B. through webinars, courses or workshops.
Dispo – only as a short -term solution
A overdraft facility is intended as a short -term solution – not as a permanent financing. Those who counteract early saves money and win financial stability in the long term. The earlier control over one’s own finances is regained, the faster new scope can be created – without any red account balance.
