👉 Overdrafts are situations where a borrower's credit limit exceeds their available funds, leading to an increase in unpaid balances. This situation can occur due to various reasons such as late payments, insufficient income, or other financial difficulties. This overdrawn status can affect borrowers' ability to make payments and maintain their existing credit card or loan accounts. It may also lead to higher interest rates on borrowed money, which can be costly for both the borrower and creditors. Understanding overdrafts is crucial for managing
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What is the definition of Overdraft? 🙋
👉 An overdraft is a situation where an individual or business has insufficient funds to cover their expenses and cannot make payments on time, causing them to incur a penalty fee.
