Managing Your Debt by Shopping For the Best Rates
Are you looking for financial assistance such as loans, mortgages, or credit cards to manage your debt? You may want to shop around for the best rates and terms instead of jumping on the first offer that comes your way.
You actually have some leverage if your credit rating is good or excellent.
You will also be offered good terms and better-than-most interest rates because of your good credit standing.
Your good credit standing tells creditors and financial institutions that you are a low-risk borrower, someone who is going to pay their debts on time.
Consider Your Debt Management Options Do you jump on the first offer you get from financial institutions that get your attention, in an effort to manage your debt? That isn't a wise thing to do.
You should not jump at the first offer you get from a credit card company or any lending institution.
It's better to shop around and then compare the different terms and offers.
Avoid applying everywhere, as too many credit inquiries on your credit report can have negative affect.
Take your time comparing the various companies offering the loan you need.
This is particularly important if you are applying for a substantial loan amount.
If you are thinking of applying for a loan from your bank, see how your banks competitors are and what they offer.
Shop Around For The Best Credit Card Rates You should be able to exhibit some level of discernment before engaging in any transactions, especially those that require balance transfers and introductory rates.
It is worth a try to shop around first and identify the pros and cons of any financial product you are looking at when you are wanting to manage your debt.
Finding the best rates, before you sign on any dotted line is paramount when working out a debt management plan.
Let's say you're looking for a new credit card.
One that offers 0% APR (Annual Percentage Rate) for 12 months may look very tempting, but look at the fine print.
What will be the APR after your 12 months are up? If it's in the 20% and up, it's not really a good offer.
Do you have to do anything first before you can avail of the 0% APR for 12 months, such as transfer a balance? If you do, what's the interest rate on the balance transfer? Realize that when you start using your 0% APR credit card, payments you make on it every month will go first on your balance transfer balance, which have an interest.
So the amount on your purchases will actually accumulate until you pay off the entire amount on your balance transfer.
That offer of 0% APR for 12 months isn't such a good deal after all.
Shopping around before you commit yourself to any finance company can in fact make a huge difference to how you plan your debt management program.
You actually have some leverage if your credit rating is good or excellent.
You will also be offered good terms and better-than-most interest rates because of your good credit standing.
Your good credit standing tells creditors and financial institutions that you are a low-risk borrower, someone who is going to pay their debts on time.
Consider Your Debt Management Options Do you jump on the first offer you get from financial institutions that get your attention, in an effort to manage your debt? That isn't a wise thing to do.
You should not jump at the first offer you get from a credit card company or any lending institution.
It's better to shop around and then compare the different terms and offers.
Avoid applying everywhere, as too many credit inquiries on your credit report can have negative affect.
Take your time comparing the various companies offering the loan you need.
This is particularly important if you are applying for a substantial loan amount.
If you are thinking of applying for a loan from your bank, see how your banks competitors are and what they offer.
Shop Around For The Best Credit Card Rates You should be able to exhibit some level of discernment before engaging in any transactions, especially those that require balance transfers and introductory rates.
It is worth a try to shop around first and identify the pros and cons of any financial product you are looking at when you are wanting to manage your debt.
Finding the best rates, before you sign on any dotted line is paramount when working out a debt management plan.
Let's say you're looking for a new credit card.
One that offers 0% APR (Annual Percentage Rate) for 12 months may look very tempting, but look at the fine print.
What will be the APR after your 12 months are up? If it's in the 20% and up, it's not really a good offer.
Do you have to do anything first before you can avail of the 0% APR for 12 months, such as transfer a balance? If you do, what's the interest rate on the balance transfer? Realize that when you start using your 0% APR credit card, payments you make on it every month will go first on your balance transfer balance, which have an interest.
So the amount on your purchases will actually accumulate until you pay off the entire amount on your balance transfer.
That offer of 0% APR for 12 months isn't such a good deal after all.
Shopping around before you commit yourself to any finance company can in fact make a huge difference to how you plan your debt management program.