Survey: One in five overdraws the account due to inflation

CHECK24 Ltd

Munich (ots)

  • YouGov survey: almost every third 25 to 34-year-old in the overdraft facility
  • Debt restructuring could save consumers around 1.5 billion euros a year
  • More than 300 CHECK24 credit experts provide advice on questions relating to taking out a digital loan

Every fifth German (21 percent) has to overdraw the account due to inflation. This was the result of a YouGov survey commissioned by CHECK24.1) This means that 14.6 million consumers* over the age of 18 have to pay e.g. B. for groceries, energy, petrol and transport costs have slipped into the overdraft facility.2) In the age group 25 to 34 years, even 30 percent of those questioned stated that they had to overdraw their account due to the rise in prices.

“Many consumers have to overdraw their accounts due to inflation”says Dr. Stefan Eckhardt, Managing Director Loans at CHECK24. “If it is foreseeable that consumers will not quickly make up for the overdraft facility, an installment loan is the better choice.”

Debt restructuring could save consumers 1.5 billion euros a year

Consumers who settled their current account with an installment loan at CHECK24 in the past year paid an average interest rate of just 4.14 percent eff. pa3) As a result, they saved more than half compared to the overdraft interest. An average interest rate of 9.43 percent is charged for an overdraft.4)

In April 2022, according to the Bundesbank, private households in Germany were indebted to the amount of EUR 28.44 billion in revolving loans and overdrafts.5 If all consumers were to opt for a cheaper installment loan, they could save EUR 1.5 billion a year .

Digital loan conclusion saves the trip to the post office and bank branch

Since the beginning of 2017, CHECK24 has made it possible to take out an installment loan completely digitally. It is no longer necessary to sign the loan agreement by hand and send it to the bank by post. The identity check is also done from home, using a digital identification process – this is not only convenient, but also secure.

More than 300 CHECK24 credit experts provide advice on questions relating to taking out a digital loan

Over 300 CHECK24 credit experts provide personal advice seven days a week by telephone or email on all questions relating to consumer credit.

1)Source: YouGov. The data used is based on an online survey conducted by YouGov Deutschland GmbH on behalf of CHECK24, in which 2,047 people took part between June 3rd, 2022 and June 6th, 2022. The results were weighted and are representative of the German population aged 18 and over. Net basis: All respondents (2,047).

2) Based on 69.41 residents over the age of 18; Source: https://ots.de/sXv4oI

3) Basis: all installment loans concluded via CHECK24 in 2021 with the intended use “Ausgleich Dispo” or for free use

4)Source: https://www.test.de/Girokonten-Dispozinsen-4586765-0/ [abgerufen am 3.6.2022]

5) New business volume banks DE / revolving loans and overdrafts to private households (SUD 212)

About CHECK24

CHECK24 is Germany’s largest comparison portal. The free online comparison of numerous providers creates consistent transparency and customers often save several hundred euros by switching. You can choose from over 300 car insurance tariffs, over 1,000 electricity and over 850 gas providers, more than 300 banks and credit brokers, over 350 telecommunications providers for DSL and mobile communications, over 10,000 affiliated shops for electronics, household goods and car tires, more than 300 car rental companies, over 1,000,000 accommodation providers, more than 700 airlines and more than 75 tour operators. The use of the CHECK24 comparison calculator and personal customer advice seven days a week is free for consumers. CHECK24 receives remuneration from the providers.

CHECK24 supports EU quality criteria for comparison portals

Consumer protection is the top priority for CHECK24. CHECK24 is therefore actively involved in enforcing uniform European quality criteria for comparison portals. The list of principles of the EU Commission “Key Principles for Comparison Tools” contains nine recommendations for objectivity and transparency, which CHECK24 fulfills in all points – including rankings, market coverage, data currency, customer reviews, user-friendliness and customer service.

Press contact:

Florian Stark, Public Relations Manager, Tel. +49 89 2000 47 1169, [email protected]
Daniel Friedheim, Director Public Relations, Tel. +49 89 2000 47 1170, [email protected]

Original content from: CHECK24 GmbH, transmitted by news aktuell

Leave a Comment