The Problem of Overdrafts


We are taught to believe that we control our own financial destiny and are responsible for the state of our financial affairs. The reality of the situation is actually quite different. While there are certainly steps that a person can take to improve the likelihood of his or her own success or to protect against some of the unexpected obstacles that may arise, there are some things that are simply beyond one's own control. Job losses, illnesses, injuries due to accidents, and other issues can lead to a sudden increase in expenses or decrease in income, leaving the affected person in an extraordinarily vulnerable position.

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When this happens, an individual may find that an essential purchase requires him or her to overdraft a bank account. It may initially appear as though your financial institution is doing you a favor by allowing you to make a purchase despite your possession of insufficient funds, but they are only doing so because it can prove to be a significant source of income for them.

Overdraft Consequences

There are some purchases that are absolutely essential in the context of modern life. An individual might need to buy gas so that he or she can get to work. An inexpensive trip to the grocery store may be necessary to stave off hunger. As payday looms just a bit too far into the future, you might have to make such a purchase despite a lack of funds. In the instant that you first obtain a negative balance, you become a money making machine for your financial institution. Each transaction will incur new fees and there may be rolling fees assessed as long as your account balance remains below zero.

If Overdrafts are a Common Problem

If you are frequently being hit with overdraft payments because you simply do not make enough money to keep up with your basic living expenses, bankruptcy might be the best way to repair a damaged situation. Visit the website of the Arizona bankruptcy lawyers of the Harmon Law Office, LLC for information on what bankruptcy may be able to do for you.


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