Inflation, higher costs of living: the number of people who have to overdraw their accounts has also increased significantly. Doesn’t matter, you think? Be careful, you’re wrong: if you regularly overdraw your account, you risk falling into a serious debt trap. Why exactly this happens and what you can do about it.
Do you know the current interest rates? Depending on your bank account, interest can currently be up to 14 percent. But I don’t mean the “good” interest that enriches your account, but rather the interest that depreciates the account. In view of the fat loss that more and more Austrians are seeing on their bills at the end of the month, it should be emphasized: Regularly using the overdraft limit of your checking account is not a good approach.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
