Use credit facilities only for short-term bottlenecks

Berlin – At the end of the month, many account users like to use their credit facility to quickly get paid. The downside: It’s the most expensive money you can borrow. Because the interest rates are usually a lot higher than installment loans. So if you want to save money, should get a cheap installment loan, with which the account can be quickly compensated.

 

Image: Woman with shopping bags 

It is so easy. If the month is not over yet, the money but all, then you cover his account. After all, most financial institutions give their customers a discretionary credit. The advantage: you get money fast. The disadvantage: It is the most expensive money that you can borrow, because the interest rates are usually much higher than installment loans.

Use credit facilities only for short-term bottlenecks

“The disposition credit is only for short-term bottlenecks,” therefore finds Dirk Stein from the Federal Association of German banks in Berlin. “If you need money in the long term, you should arrange an installment loan.” Kerstin Backofen of the Stiftung Warentest also advises that the emergency loan be used only in an emergency and only for a short time. “One should always have in mind how much you pay for it.”

Interest on the credit line is 11.44 percent on average

And that is comparatively much, especially in the current low-interest phase. According to a survey conducted by the Stiftung Warentest in January 2012, the interest rates for a credit line for an average of 68 surveyed banks are 11.44 percent. With the direct banks and many PSD banks one comes away comparatively favorably with 6 to 8 per cent, for it takes some Volksbank or large bank also sometimes 14 per cent interest.

According to the banking association, the credit line has been in existence since 1970. Nevertheless, it still plays a subordinate role in terms of total lending volume. According to Bundesbank statistics, household loans totaled a good 140 billion euros by the end of 2011. Of this amount, however, only 13.5 billion euros on the credit line. Tendency falling. As recently as December 2004, the shortfall on the German current accounts was just under 20 billion euros.

The bank decides on the release and the amount of the credit line

Anyone who receives a credit line and in what amount, each bank decides for itself. “This depends on the payment behavior and the incoming payments,” says Dirk Stein from the Federal Association of German Banks. “Much is also a matter of negotiation,” says Kerstin Backofen.
“You have no claim to a credit line.” In most cases, banks grant an overdraft of two to two and a half times the income.

Accordingly, the disposition changes if the account holder suddenly earns nothing more or less. “If the circumstances change, for example, the account holder suddenly has a lower income, the disposition is also reduced,” said oven. The banks responded quickly, so that the Dispo not a debt trap. “I see this danger only when other credit lines are running.” Anyone who has not paid his credit card bills in full, but only monthly with the minimum amount and, in addition, bought a car on installments, could at some point find it tight if the account is constantly in negative territory.

A real debt trap does not look Claudia Kurzbuch of the Federal Working Group debt counseling in the credit line. With fluctuating income or a sudden issue such as an expensive repair the Dispo even makes quite reasonable. “However, if you have to use your disposition forever, we recommend rescheduling it.”

Prefer to look for a cheap installment loan

In such a case, it would be better to get a cheap installment loan, with which the account can be compensated again. It is important, however, that the amount of the disbursement credit granted is reduced as much as possible. “Otherwise, the debtor lives in a short time again from the Dispo and must also additionally pay installments for the loan,” says Kurzbuch.

A calculation example makes it clear how much more expensive a disposition credit is. If you cover your account with 2000 euros, this costs 264.80 euros at an interest rate of 13.24 percent per year. Who converts the minus into a installment loan at the same bank, pays interest at around 6 percent interest only 120 euros annually.

If he gets his installment loan from a cheap direct investment bank, he can reduce his interest payments even further. The banks are taking up to 5 percent more interest, even if the MRP is not enough. Anyone who needs money beyond their credit line in the checking account and claims a so-called tolerated overdraft facility will find it expensive.

Pay attention to account interest when changing accounts

Whose bank demands high disbursement interest, should look for alternatives. According to the independent financial advisory FMH in Frankfurt, there are numerous financial institutions that require less than 10 percent interest on a credit line. The offers range from
9.99 percent up to 5.50 percent. In addition to some regional providers, there are also larger institutions.

 

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    The 13 biggest tax evasion

    The 13 biggest tax evaders

    A foundation in Liechtenstein, a non-registered second home, front companies in tax havens – celebrities get creative when it comes to tax evasion. Since Uli Hoeneß are tax scandals again on everyone’s lips and he was of course not the only one who had forgotten a few statements in the tax return. Here are some of the most spectacular tax evasion schemes in recent decades.

     

    Theo summer

    Theo Sommer

    Photo: Zerbor / Fotolia

    The former “Zeit” editor Theo Sommer has evaded taxes between 2007 and 2011 in the amount of 649,000 euros. They would have come from an income from a freelance job.

    Allegedly, he forgot to mention the revenue from “Fucking or sloppiness”. The deadlines for tax returns had not been so important to him. He was sentenced to one year and seven months probation in 2014. His fine of 20,000 euros he found painful, but appropriate.

    Klaus Zumwinkel

     Klaus Zumwinkel

    Photo: bierwirm / Fotolia

    Klaus Zumwinkel was able to say goodbye to his Saubermann image as top manager of Swiss Post when it became known that he was driving around one million euros past the treasury to a Liechtenstein foundation.

    He admitted in court and showed remorse for the tax evasion between 2001 and 2007. His sentence: one million euros fine and two years probation.

    After his conviction, Zumwinkel left Germany with his family and has lived and worked in London ever since.

    Boris Becker

     Boris Becker

    Photo: James Phelps / Common.wiki.org

    Live in Hamburg, but the residence in the tax haven Monaco log – a clever scam to evade taxes, thought himself former tennis pro Boris Becker.

    1.7 million euros of taxes should have escaped the state between 1991 and 1993 so. Boris Becker was sentenced to a fine of 500,000 euros and a two-year sentence on probation. Nevertheless, Becker is pleased that he was convicted in 2002. According to today’s law, he would not have got away with a suspended sentence.

    Lionel Messi

     Lionel Messi

    Photo: Wael Mogherbi / common.wiki.org

    Hard to believe, but the flagship footballer Lionel Messi has been fighting for several years with tax rebates. It was only in May 2016 that he had to answer to the court for being accused of not having taxed advertising revenues of around 10 million between 2007 and 2009.

    The state is said to have escaped almost 4.1 million euros. Messi plays the unsuspecting and blames his father. The tax authorities are demanding at least 22 months imprisonment for both father and son.

    Peter Graf

     Peter Graf Peter Graf

    Photo: yossarian6 / Fotolia

    The father of tennis legend Steffi Graf concealed 12.3 million D-Mark profits from the German tax office. The sum he should have evaded between the years 1989 and 1993. Steffi Graf himself could credibly assure in court that she knew nothing of her father’s machinations.

    He was finally sentenced in 1997 to a prison sentence of three years and nine months. However, he was only half of the time because he was released on bail from prison.

    Paul Schockemoehle

     Paul Schockemoehle Paul Schockemöhle

    Photo: Olaf Kosinsky / common.wiki.org

    “The luck of this earth lies on the backs of the horses” – that was no longer true for former top show jumper Paul Schockemöhle, when the “Steuer-CD” became public. Since he probably got scared then, he filed self-report.

    Reason for it were 22.6 million marks, which migrated past the treasury to a foundation in Liechtenstein. Although the self-report had a mitigating effect, Schockemöhle was sentenced to 11 months’ imprisonment.

    Wesley Snipes

     Wesley Snipes

    Photo: Georges Biard / common.wiki.org

    The American actor Wesley Snipes is said to have paid from 1999 to 2004 too little income tax and have also received by false information repayments in the amount of about 12 million dollars.

    In 2008, he was sentenced to 3 years’ imprisonment, which he initially did not have to pay due to a deposit. When his appeal was rejected in 2010, he was no longer around the prison sentence and sat from 9.12.2010 to 2.04.2013 in custody.

    Uli Hoeneß

    Uli Hoeneß

    Photo: Usien / commin.wiki.org

    Hardly any tax fraud has received as much attention in recent years as the case of Uli Hoeneß. The long-standing president of FC Bayern Munich confessed in March 2014, 18.5 million euros have evaded taxes. But calculations of a tax investigator resulted in a significantly higher sum: At least 28.5 million euros to Hoeness have withheld the state. He was sentenced to three and a half years’ imprisonment, which he took on June 2, 2014. At the end of February 2016 he was released due to his good behavior in detention.

    Eduard Zwick

     Eduard Zwick

    Photo: ROLF FISCHER / Fotolia

    As a bathing king, the German-Romanian physician Eduard Zwick became famous, who became rich in Bavaria with spas. Only the doctor paid for years no taxes, so he accumulated at the tax office debts totaling 70 million marks. Before the tax office could collect the money, Zwick sat down in Switzerland. After the son took over the baths empire and 1996 delivered a partial confession, this was sentenced to a payment of DM 32.8 million and a suspended sentence of 22 months. Eduard Zwick died in 1998 and got away without penalty.

    Gary Barlow

     Gary Barlow

    Photo: Matt Deegan / common.wiki.org

    Take That is undoubtedly one of the most famous boy bands in the world, but in financial matters, Gary Barlow and his bandmates have not fared with fame. So they should have passed around 60 million pounds (the equivalent of 80 million euros) in the state. Barlow and his colleagues had invested tour revenues and proceeds from CD sales in two funds disguised as music investments and considered by the court as tax avoidance. The singers and their managers were sentenced in May 2015 to a tax arrears of 25 million euros.

    Andreas Schmid

    Andreas Schmid

    Photo: kanzefar / Fotolia

    Award-winning films such as “The Perfume” were funded by the VIP Media Fund, created by Andreas Schmid. He and his partner had raised 630 million euros in two film financing funds. However, only 20 percent went into production, the other 80 percent were on bank accounts of investors and was charged as a fixed-term deposit. All in all, the state would have escaped approximately 250 million euros in tax revenues. In 2007, Schmid was sentenced to six years imprisonment and a repayment in the millions. He was released on bail.

    Flick Affair

     

    In the post-war period, there was hardly a larger political and tax scandal than the Flick affair in the 1980s. High-ranking politicians and the Flick group were involved. The group sold Daimler shares worth 1.9 billion marks – and wanted a tax exemption of 986 million marks. This was agreed by the then finance and economic ministers. As it turned out later, they received considerable sums of money from the Flick group. The victims were fined and lost their jobs. Flick himself got away without conviction.

    Silvio Berlusconi

     Silvio Berlusconi

    Silvio Berlusconi is at the top of the ranking of the biggest tax evaders. For example, he allegedly evaded $ 470 million in taxes over front companies in the Caribbean by selling overpriced film and television rights. In 2013, he was sentenced to four years in prison. He did not have to face his prison sentence, instead he was allowed to serve her in the form of house arrest and social services. He was supposed to work for a few hours in a senior citizen’s home in Milan for a year, but his lawyers made it possible for him to finish social service 45 days earlier.

    Germans do not understand rich tax evaders

     

    Around 50 billion euros go to the state annually through tax evasion by the Lapp and the list of prominent tax fraudsters growing: top managers, top athletes or politicians are in the ranking to find.

    Some are caught by the tax investigation, the others go themselves to the public.

    And after all, 13 percent of Germans do not find it too bad, if the information in the tax return are not quite correct. However, when rich people evade taxes, 99 percent of those questioned do not find it morally wrong.