Answer:
Below you will find three examples of when the interest rate is bad for you:
- Credit cards interest rate
- Overdraft interest rate
- Default or late payment interest rate
Explanation:
1. Credit cards interest rate: When you purchase a good or service with your credit card you must pay the price of it plus an interest rate.
2. Overdraft interest rate: When you are overdraft in your current account you must pay an interest rate for the mount overdrawn
3. Default or late payment interest rate: When you make a late payment or fail to pay an installment in your credit you must pay a fee calculated in an additional interest rate,