Use credit well and wisely
Posted by bayportsaloans on August 21st, 2019
When you use credit well and wisely, it can help you to achieve your life goals. But there are risks with taking an Online loan. Debt is not your enemy. Bad personal finance habits are. Therefore you should think carefully about when and how much to borrow.
When you pay with cash, you can often negotiate a cash discount. You’ll also pay less because you won’t pay interest, fees or other charges, and you won’t have to worry about keeping up with repayments.
There are good uses for credit and bad uses. Good uses are, for example, to buy a large asset, such as a car or a house, or to deal with an emergency, such as an accident or an operation. It is a bad idea to use one loan to pay another, or to take out an Online Personal loan to pay for things you really cannot afford, to gamble or to keep up with your friends.
To stay on the good side of credit, ask yourself these questions before you borrow:
Once you are sure that you are borrowing for the right reasons, follow these 6 steps to borrow wisely:
A great credit tip is to borrow as little as possible so that you can pay more than the minimum instalment every month. Why? If you repay the loan quicker, it will cost you less because of the interest you save.
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