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Overdraft (Dispo)
Krediteab 9 J.
An arranged overdraft: going into the red on your current account. Convenient but extremely expensive – interest of 10–15% a year. Use it only in a real emergency.
The Dispo (arranged overdraft) lets you take your current account into the red. The bank automatically grants you a credit line (often 2–3 months' net salary).
The problem: the interest is extremely high – between 10 and 15% per year. For comparison: a normal instalment loan costs only 3–7%. Anyone who is permanently in their overdraft pays hundreds of euros in interest for nothing.
Rule of thumb: use the overdraft only in an absolute emergency and for a few days at most. If you regularly slip into the red, that's a warning sign of missing budget planning.
Did you know? More than 6 million Germans regularly use their overdraft – and pay more than €1 billion a year in interest for it.
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