13:58 22 September 2013
The overdraft is a small loan that you can take from the bank where your earnings are stored. They are particularly good if you need a small amount of money just before the payday, but they are very dangerous if you don't repay them in time. The overdraft is actually one of the worst loan deals on the market; with huge fees that apply if you don't manage to repay them in time.
Here are the main dangers of overdrafts and some easy ways to avoid them:
So it is absolutely vital that you remember that overdrafts should only be used as a very short loan and should be repaid as soon as possible to avoid large costs. Always look for alternatives, even from family members or friends.
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