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And what about that Credit card?

Reduce credit card debt

“Reduce credit card debt and eliminate it before it assumes a horrifying shape” – This is really the gist of the story. So, how do you reduce credit card debt? Well, you reduce credit card debt by preventing it from increasing and by paying off what it is currently. Simple, isn’t it?

Not really. If it was that simple to reduce credit card debt, then we wouldn’t have had so many people with credit card debt related problems. We would have been able to reduce credit card debt problems and finally eliminate them (or reduce them significantly). There are all kinds of advice available on how to reduce credit card debt, but still nothing much seems to change. The problem still seems to persist and in fact, worsen. However, it’s not that difficult to reduce credit card debt. As we just said, there is a lot of advice available on how to reduce credit card debt and the only thing you need to do is put that advice, on how to reduce credit card debt, to practice in real life. Well, no one but you will benefit if you reduce credit card debt.

So the first step to reduce credit card debt is to prevent it from taking dangerous proportions. The 2 most important ways of implementing this step are – balance transfers and use of cash.

Balance transfer is often treated as the number one measure to reduce credit card debt. This is really something that can help reduce credit card debt by slowing down the pace at which your credit card debt is getting built. It also provides you relief in terms of the APR being 0% for initial 6-9 months (and hence helps reduce credit card debt faster). To reduce credit card debt using this mechanism, you need to transfer your balance from your current credit card(s) onto another credit card that has a lower APR than your current card. Thus you reduce credit card debt by preventing it from increasing so rapidly.

The other preventive measure to reduce credit card debt is to use cash instead of card (as such, hard earned cash is difficult to get out of pocket as compared to just a credit card). So you reduce credit card debt by not adding more to it. That is the simplest way to reduce credit card debt.

However, you can reduce credit card debt only if you stick to your resolution to reduce credit card debt; otherwise it will fail miserably.

Types of Loan

How to arrange finance for buying car?

The best time for looking out for the best loan available in the market that one can grab is the time when one has completely made up his mind that what he needs to buy and how much does he think he can afford. For having the best prices one can look around, compare the quotes and finally zero on the one which gives the best deal, with low rates and reasonable interests. There are hundreds of companies flooding offers to sell their loans to the consumers who need them; they also attract their customers with enticing schemes and mouth-watering discounts.

The things that the consumer must remember while he is out to shop for the best suited offer of auto loan are as follows-

a.)Looking out for a lender- the first thing that the consumer needs to do is actually find a lender of such loan. There are numerous banks, companies, institutions, private lenders and also many online lenders, who offer to provide loan to the consumer. Since the start of internet, providing a huge platform, it has been really easy to find the right kind of dealer.

b.)Estimation of an EMI- what the consumer of such loans must be looking out for is the EMI that he requires to pay every month as fixed under the contract with the dealer. The individual should check whether the amount of EMI is affordable for him, whether or not he can manage to pay out that amount from his salary. He should not be attracted to the easy interest rates, fixed by the dealer to befool the consumer. The consumer is needed to repay the amount of loan in equal installments every month and then his monthly interest is decided on the balance remaining, to be paid, and not the entire amount of the loan.

c.)Fees involved with processing and other petty things- there are various fees related to the loan that the consumer of such loan needs to pay, fees for the processing of such loan is a major preliminary expense. The fee is charged on the amount that the individual has applied for and not the amount that he has been sanctioned. These charges are usually not fixed but is variable and changes with the policies of business of the lender.

d.)Penalty fee- the consumer must look out for a lender who does not charge any kind of penalty for pre-payment of such loans. Because this can be more of a hassle to the consumer and would create problems in his paying back of loan by unnecessarily increasing the amount of money that he needs to pay back for the loan.

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