Overdraft Protection: The Trap You Didn’t See Coming

Flickr/swanksalot

Payday loans have a bad rap. If the flashy storefronts and tacky, overly exuberant ads don’t make you think twice, the interest rates should – they’re often more than 20 percent of the amount borrowed.

And yet there’s another high-interest loan you may be blindly paying – without even hitting a tattered strip mall to get it. We’re talking about overdraft protection, and while its name implies benefits, this loan comes at a cost that’s much too steep, especially when there are so many other options.

So why should you avoid overdraft? And, more importantly, how can you avoid running into insufficient funds without taking the financial hit? Find out in my new article on GoldenGirlFinance.ca: http://bit.ly/NAPigf

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