Shoud you choose secured or unsecured loans?
Most people only associate money with the word loans. This is definitely the most common type of loan but the truth is that a loan can be for many things and not just money.
There are also many types of loans with many different terms and durations as well as ways to pay them back.
A loan backed by collateral is called a secure loan. These loans are usually offered when making a large purchase such as a house or a motor vehicle. In this type of loan, if you do not pay the loan back within the specified guidelines, the item that you purchased with the loan can be taken from you by the entity that has loaned you the money.
Secured loans can also be given based on an item already owned by a borrower. Just as in the previous example, if the loans is not repaid within the terms set forth, the bank can repossess the owned item to settle the debt that was incurred in the loans.
The opposite of this is the unsecured loan. The risk to the bank is higher in this type of loans so the amounts offered with unsecured loans are often less than what is offered in secured loans. Credit cards are unsecured loans. If the balance on a credit card is not paid there is no collateral that can be confiscated to pay back this balance. However, no matter what type of loan that you decide to receive or give it is imperative that you note the details of repayment, as this will vary with every individual loan.
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Credit card debt
Credit card debt
‘Credit card debt’ is a much discussed topic in the commercial and social circles. A big section of the population has been bit by this bug called ‘credit card debt’. Can’t blame them much; as such, it’s pretty easy to fall prey to this bug.
The main reason behind so many credit card casualties (rather credit card debt related casualties) is that many people don’t understand the concept of credit cards properly. They treat credit card as free money that is never to be returned. Thus all the discipline, which would otherwise have been exercised with spending hard-earned money, goes for a toss. That means people overspend and get into credit card debt. They keep spending till they reach the credit limit on their credit card. Some people go to the extent of treating that like a game and consider it a defeat (or consider their credit card under utilised) if they don’t hit the credit limit quick enough. These unnecessary spends result in a situation where they are not able to payback their credit card bills and end up paying interest on the amount they owe. This keeps building up their credit card debt and they soon find that the interest component has become a regular feature in their monthly expenses and it is there even if they spend nothing on their credit card. That is credit card debt on the prowl. Soon they find that their current credit card can no longer handle their needs and start looking to get another credit card. With the new power of credit, they let themselves loose again and follow a ‘shop till you drop’ routine. Soon the credit limit of the new credit card is reached too and they again default on payments. This is how credit card debt builds. Soon they learn about credit card debt consolidation and other credit card debt elimination techniques. They are quick to grab such credit card debt reduction techniques, but that’s not because they are serious about reducing their credit card debt but because of the attractive low APR offers. As if it were booty, they again get back to building up their credit card debt. All the while they are spoiling their credit card rating and they soon realise that no one is ready to lend them money because of their credit history. They can only get a secured credit card now (where you first deposit money into your credit account and then only you get the privilege of spending it (50-100% of it) using their credit card. Credit card debt collection agencies, auction of their goods and bankruptcy is the next thing that hits them and their dream run is blown away in a moment.
The moral of the story – “Understand the concept of credit cards and treat credit card debt with all seriousness”.
just keep money is savings and transfer into the debit card
Poor credit secured loans Poor Credit History Loans -
Those of you who agree with Donna and this very one-sided commentary are exactly the kind of customers that CC companies don't need. There are plenty of responsible people out there who use credit cards wisely and issues such as those raised in this commentary never become a concern for them.
You could do all of us a favor by cutting up your credit cards and never using them again. Our rates and fees would go down because we wouldn't have to pay for your undisciplined borrowing. Go ahead and give up the unsecured loan that the CC company gave you and buy everything with cash. If you can't live without the credit card, then stop complaining, be more prudent in your spending, and stop feeling entitled to "money for nothing".
For those of you that think this is a Big Brother problem…take a deeper look at what our government is currently doing with respect to "Big Brother" activities and then tell me you are still concerned about CC companies and their insignificant account monitoring techniques.
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This is a really great deal.
Accumulation Of Credit Card Debts
This looks interesting. I'll have to check it out.
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