Brown - Getting a Grip On Loans and Credit Cards
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One of the main disadvantages of being in debt is the constraints it creates when the individual is given opportunities that cannot be tapped into due to the debt ridden situation. Such opportunities may not come by very often, which makes it even more difficult to let them pass by with grabbing on and capitalizing on them.
Do your homework and do all you can to stay out of debt.
Loans and credit cards can be very necessary for the survival of an individual in providing the essential needs that cannot be provided for simply on a monthly income. Such needs may include the necessity of having a car, a house, a college fund and any other comparatively big investment requiring funds. Get all the info you need here.
Loans are an advancement of monetary funds that will allow an individual make an investment of choice, where the initial loan amount plus interest calculated, will have to be paid back to the loan source over a set period of time.
Sounds simple enough but the problem usually arises when the individual is for one reason or another unable to pay off the agreed sum due to the loan taken. Failing to make such payments can cause a lot of problems and even be considered a criminal offence, which has a jail sentencing penalty.
Therefore before contemplating the idea of taking out a loan, the individual should first ensure the reason for the loan is a viable one and if the payment means is both secure and consistent.
Most adult earning individuals, go through much of their working life paying for car and housing loans which usually span a good part of their productive years, but are seen as good investments as these items are considered essential to the human comfort and existence.
Loans should be gotten from legal sources such as banks, government agencies, finance houses and such other legal establishments. The secured loan requires some form of collateral to be provided for by the borrower, which will be withdrawn by the lender, in the event that there is a default on the loan repayments.
The unsecured loan is given on the merits of the individual applying for the loan. Here no collateral is needed, but the same principal is applied where upon default of payment, the items acquired from the loan given out, such as property or vehicles then become the property of the lender.
The use of credit cards are often abused and misunderstood by the individual possessing them, and this eventually leads to out of control situations that bring about detrimental effects.
The following are some points to consider when it comes to credit card usage:
Learning to read the fine print that depicts the repayment requirements of its usage is very important. Credit card terms and conditions can be very confusing and the initial excitement of using such a facility that seems very easy and accessible is very deceiving indeed.
Keeping a close tab on the statements periodically if not monthly is also something that should be exercised vigilantly. Due dates, fees, interest rates and any other changes should be noted and adhered to. This will also help the individual to address any discrepancies that may occur during the course of using the credit card facility.
Immediately addressing any items that seem to be unusual activity on the card is also something that should be done immediately upon detection. Failing to make these inquiries would result in the credit card company refusing to consider striking such payments from the bill and the individual would then be liable for the said payments.
Credit cards often have promotions and special offers, and while some of these are really quite beneficial to the individual, there is always the danger of getting carried away with making such purchases simply because there is no visible monetary impact at the time of the purchase.
This will only be noted weeks later and in most cases people are shocked at the amounts spent.
Making it a habit of paying the credit card bills on time, will also be one way of avoiding unnecessary interest and fees being charged or added on to the already outstanding balance to be paid.
In actual fact all credit card interest rates are high when comparing to other sources of money advancing facilities. However most people dont realize this or dont want to realize these high rates simply because of the easy access the credit cards provide to making desired purchases. Getting carried away is one of the very real dangers of credit usage; therefore there is a need to actually actively source for a credit card that can provide for lower interest rates by comparison.
The interest rates charged on the amounts reflected by the credit card purchases or usage will eventually feature very significantly on the interest rates charged to the individual if the said amounts are not paid for in full by the due date.
When the purchases are rather considerable, it is often harder than imagined, to clear the full amounts by the expected date stated on the statement of accounts.
Therefore taking the trouble to source for credit cards that provide lower finance charges may come in handy in such circumstances.
These charges can be calculated to be much more in favor of the individual (if this was at all realistically possible) whereby the individual would end up playing much less than other conventional interest rate payments would be.
However even this has some rather complicated connotations to it where in actual fact the there is no tangible positiveness for paying the finance charges anyway.
In this scenario the individual is really simply paying for the convenience of having the outstanding amounts differed.
One should also be weary of some credit cards that offer lower interest rates also offer lower minimum payments which initially seem an exciting feature, but upon proper calculations the individual could possibly end up paying even more than other conventional credit cards.
There are all popular style loans that have quite a few similarities, but are still very individual and different in their reasons for having the loans in place. The following are some points that will shed some light of the three different types named:
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