We all have heard it and we know we should but how do you get it done?
First let?s, walk through what type of loans are available.
You may have revolving credit -this is credit that once you use a portion,?then make a payment?that money becomes available again without you reapplying? ie. credits cards, home equity loans
Another option is installment loans ? this is credit that is is given and is expected to be paid back within a certain time frame? and as you pay? the? amount down you cannot use it again for an additional purchase ie. cars loans , student loans, mortgages
Another option is short term loans ? many think about pay day loans and title loans? actually any loan that is required to be paid back within a short period of time and usually have high interest rates associated with it. I am also including overdraft fees from your bank.
They may not be labeled as a short term loan but that is how they? function.? Many banks now will just pay the item that comes in and then charge you a flat fee for? the privilege.?? So even it is a 24 hour difference before your money hit your account and the money went out, you still pay that same flat fee. So let?s look at how much interest you could pay your bank for borrowing their money for 24 hours.?? To finish reading please click? here to become? a free member.
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Image: FreeDigitalPhotos.net
Source: http://wellnessauthority.org/get-out-of-debt/
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