Overdrafts For Squaddies

Overdrafts For Squaddies

Overdrafts can be a dangerous thing if not monitored and used with discipline. They are often more expensive then credit cards yet people use them more often and not for very short term loans which is their intended use. People pay a lot of extra fees and quite often don’t even fully understand what they are paying.

In this video, I talk everything overdrafts. How they work, the difference between an arranged and unarranged overdraft and the issues one might encounter if they don’t pay off their balance quickly. It can very quickly send someone into a spiral of debt.

Links:
Compound Interest For Squaddies - https://youtu.be/4l2PCwYtMdA


DISCLAIMER:
I am not a professional financial advisor and this video is not financial advice. Please do your own research before making any decisions with your money and seek professional financial advice if need be.


Sources
https://moneyfacts.co.uk/current-accounts/guides/how-does-a-current-account-overdraft-work/
https://www.finder.com/uk/overdraft-fees
https://www.finder.com/uk/overdraft-statistics
https://www.moneysupermarket.com/current-accounts/guide-to-overdrafts/?source=GOO-0X0000030BE627D64B&gclid=CjwKCAjwyIKJBhBPEiwAu7zll5yQE_ilw1kmD8GCbWqQeEbYP_rceFE3bCXVrwzkUn2FW6mNDBPfDBoCBZYQAvD_BwE&gclsrc=aw.ds
https://www.fool.com/knowledge-center/what-are-the-differences-between-apr-ear/
https://moneyfacts.co.uk/current-accounts/guides/what-is-the-ear-overdraft-rate/
https://www.starlingbank.com/resources/banking/apr-ear-aer-interest-rates-explained/
https://www.moneysavingexpert.com/banking/cut-overdraft-costs/