Know the facts about Loans and investments - part 3
Posted on September 5th, 2008 in Debt Consolidation Loans
Loans and credits
This is the age of credit. You will come across a number of people who have a tendency to spend beyond their capacity and end up with huge loans and credits on their shoulder. This is a very genuine fact that with the improvement and innovation in the marketing strategies of the multinational companies, people are getting completely confused and spending money without even thinking about the future consequences.
Many of the high and college students have credit cards in their wallets when they are not aware of the responsibilities of the plastic money. The credit card companies use funny baits like free pizzas and t-shirts to hook these youngsters in the credit card deals.
Though there are some benefits of the credit cards like you can use them in case of emergencies and also get added advantages like reward points and cash back. But the fact is that you have to select the correct deal from the wide array of offers. People, who rarely use their credit cards in case of exigencies, should opt for the annual charges free cards with regular benefits.
The business owners and those who are looking forward to debt consolidation loans can go for the no balance transfer credit cards with lower interest rates. The cards offering rewards or cash backs are suitable for the ones who use their cards frequently.
When you are in serious need of money you can opt for loans but before selecting any offer you should be well aware of deals that the companies have on offer. There are secured loans, personal loans and of course the low interest debt consolidation loans. The loans with highest interest are the unsecured loans like credit card loans.
September 5th, 2008 at 8:35 pm
To be honest, i have never have credit card. So, i don’t think i will have any problem with this one. But be careful guys, if you student, you will want that credit card. Believe me, that time, you reall want money badly.
September 6th, 2008 at 5:13 pm
Thanks for the post mate.This is 100% true.People are not aware of the consequences while spending money.They spend lavishly and make use of things which are beyond their strength,the result is they are left with debts.So guys from this article try to learn that we should be aware of what we do.
September 6th, 2008 at 10:36 pm
Today people earn 0.10$ but they want to spend 1.0$ because of this they fall into debt trap which is very difficult to get out of. Debt of any kind must only be used in case of emergencies or in situations were you do not have an alternative but to take debt. Credit card companies, at times, comes with 0% int. on balance transfer and also no transfer charges. People should make use of such oppertunity. Also when taking a long term loan, find out what the trends in interest rates are. If the interest rates are likely to fall then you can opt for floating rate else you can opt for fixed rate when you feel that the rate of interest is likely to remain stable or rise.
September 7th, 2008 at 12:42 pm
Basically youngsters are lured by special offers and attractive schemes by the credit card companies.They have no idea that they are falling into a pit.They will never realize until they face some serious consequences.Thanks for providing this article and making people aware.
September 10th, 2008 at 8:37 pm
Yes, I agree with you mate. I have seen many people having credit cards without knowing its drawbacks. But when I asked them why they bought it, they said that, getting money from friends or relatives for an emergency purpose will destroy the relationship.
I think this is also a valid point to be considered. Isn’t it?