Posted on: 03rd Oct, 2007 02:38 am
Hi,
Do you think personal loan is better than credit card?
Financial security is should not be taken for granted. It is important to be educated about loans for personal debt and easy personal loans before you make any decisions that may affect your personal credit. Having a good credit rating throughout life is important whether you are applying for a mortgage or buying a car or going to school. In order to facilitate your financial future, weigh your options before securing any personal loan or credit card. But i am not sure in this case.Can you tell me which is better personal loan or credit cards? :?:
Do you think personal loan is better than credit card?
Financial security is should not be taken for granted. It is important to be educated about loans for personal debt and easy personal loans before you make any decisions that may affect your personal credit. Having a good credit rating throughout life is important whether you are applying for a mortgage or buying a car or going to school. In order to facilitate your financial future, weigh your options before securing any personal loan or credit card. But i am not sure in this case.Can you tell me which is better personal loan or credit cards? :?:
It depends on what you want to use the money for.Credit cards might be best for day to day transaction and is very convenient.Personal loan is a good option if you want to make a major purchase and need a large sum of money.With a personal loan you also get to pay less interest rates.
This would very much vary from person to person depending on what is suitable for him or his particular situation. If a person is financially disciplined, he can freely decide to use credit cards because the concept of revolving credit or having easy access to money will not be a problem for him. On the other hand, if a person is afraid of accidentally spending more money than he intends to, then a personal loan would be the best choice because it is a fixed amount that is approved by a lender. Aside from that a loan should be repaid within a certain period of time. Once the loan is given to a person, he will no longer be entitled for more unless he is able to entirely pay for it. It would also help the person to check his three bureau credit scores to determine if he could qualify for a credit or a loan.
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