Banks usually grant their customers two to three months’ salaries as repayment credit, and millions of Germans use this money: according to the statistics portal Statista, around 10% of current account holders go to their dispensers on a monthly basis and 8.2% use it permanently. This often involves high sums: about 14 percent take more than 1,500 euros.
But for the practical credit consumers have to reach deep into their pockets. Interest rates of more than 10 percent are not uncommon, some banks even demand up to 15 percent. Who leads his account permanently in the minus, pays such exorbitant sums of interest – however, there is great ignorance in Germany about how much this sum actually.
Ignorance of boys and low-income
For example, a Forsa survey commissioned by the credit comparison portal smava found that young people between the ages of 18 and 39 in particular do not know how much interest they actually pay for their credit line; 53 percent were ignorant here. Even low-income, that is, all who earn less than 1,500 euros net, in terms of Dispozins in the dark; here it is 50 percent who could not name these numbers.
Rescheduling is almost always worthwhile
A classic installment loan is usually much cheaper than the Dispo – instead of paying more than 10 percent you often pay less than 1 percent interest. “The greater the difference in the interest rate between the credit line and the rescheduling, the higher the savings for the borrower. Even with small sums, it pays off, “Timm advises ways from the credit comparison portal smava. For example, suppose the consumer has $ 1,500 left over a six-month period and pays 12 percent interest. That’s 15 per month, and 90 euros after six months. A installment loan with 0.99 percent interest and a maturity of 36 months beats only with 22.90 euros interest costs to book – that is a saving of 61.10 euros.
Even with comparatively small sums and a long term of the installment loan, you can save a lot of money – rescheduling is therefore always worthwhile.