National Debt Relief Talks About Instances When It Is Okay To Borrow Money
Phoenix, AZ (PRWEB) June 22, 2015 -- National Debt Relief shares in an article published June 3, 2015 some of the instances when it is acceptable to take out a loan.The article titled “5 Times When It’s Okay To Borrow Money” looks at some specific instances when consumers can take up debt and explains why it would be a better financial move than avoiding debt.
The article starts off by highlighting the fact that a lot of books and even financial experts all say that consumers need to avoid debt. It takes away so much from the consumer’s future that it should be avoided at all cost. And in most cases this is good advice. When consumers borrow money they’re really borrowing from their future self. They get to use the money now but it won’t seem like such a good idea several years from now when they’re still trying to repay it.
One of the things that people need to look into is when they cannot cover their medical bills and run the risk of getting into debt. Although the credit reporting bureaus have given a 180-day grace period for consumers to pay their medical debts before it gets reflected on their scores, there are times that the bill is too high and consumers are tempted to swipe it in their cards.
The article suggests that it might be better to take out a personal loan to cover the bill rather than using the more convenient credit card. This is because the interest rate on personal loans might be lower than the ones being used by credit card lenders. This can mean valuable savings in the future when they compare the total interest paid on the loan.
The article also explains how moving either interstate or intrastate or even abroad can easily break the budget when everything is summed up. Even the small things like the boxes and wrappers can amount to thousands of dollars at the end of the day. In these cases, it is also better to take out a personal loan rather than charging everything in the card.
There are instances when consumers would like to make some home improvements and rather than using their cards to pay for the expense, they might look into a home equity as a line of credit from their lenders which will have a much lower rate than personal loans and even credit cards. To read the full article, click this link: https://www.nationaldebtrelief.com/5-times-when-its-okay-to-borrow-money/
Paul Ritz, National Debt Relief, http://www.nationaldebtrelief.com/, +1 1-888-703-4948, [email protected]
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