Lets talk about one of the easiest type of loan you can acquire, even without applying for it, usually recieving it via mail or courier... credit cards.
Credit cards if used properly, can be useful and convenient, and can even help build a strong credit history that will help you with future application of loans for
home-buying, paying for higher education, and even finding a job. Before swiping your card, or allow your son and daughter to, consider the pros and cons to avoid credit card problems.
- You can use a credit card to purchase a product or service that you need now but can't pay for all at once.
- Credit cards are often the only way to make airline, hotel, or rental car reservations if the need arises.
- Credit cards allow you to buy over the phone or via the internet.
- Carrying credit cards is safer than carrying cash.
- Credit cards can be particularly useful in short-term emergencies.
- Depending on your terms and conditions, your card give you purchase protection, travel insurance, life insurance, frequent-flier miles, cash-back bonuses or exchange with various appliances.
Using a credit card helps establish a positive credit history, as long as you use it wisely.
- Interest and fees may outweigh the financial benefits of frequent flier miles or other benefits.
- Having a credit card makes it easy to spend money you don't have.
- Bad credit debt could affect your future applications for mortgages, other installment loans--even job applications and insurance coverage.
- If you think of your available credit as an emergency fund, you are likely to find yourself in more debt than you can afford.
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Credit Card Fraud