Thursday , August 17 2017
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Loans

def-thumb In the modern world we take loans for various reasons. To save yourself some trouble, it is a good idea that you make a distinction between good debt and bad debt.
Good debts helps you in growing your wealth and the bad ones are does not do anything to increase your wealth and it may even become burden sometimes. So how do we determine a bad debt and a good debt. Few common debts are classified for your reference
Up Home Loans for Live in:
It is a good debt. You can take a Home debt. You can take a home loan if required. But just be careful that you don’t take a loan that you cannot pay back. Have a reasonable deposit for safety purpose and make the loan repayments on time. Don’t forget to have a Insurance to cover the loan if causalities.
Warning Loan loan for rent out :
It may be considered a good one or bad one. It is risky and not for everyone. The property may not be rented out or the the rent may be fluctuating. You have to bear the cost of maintenance, insurance and the other related cost.
down Loan for Holiday:
If you cannot afford a holiday with the income you have then do not take a loan. Some people use the credit card to buy air tickets, Hotel bookings etc. This does not do anything to increase your wealth.
Up Car Loans:
This loan is considered a good loan. Choose the correct car and good one that you can afford. Choose the correct loan with a low interest rate that you can afford.
Warning Loan to start New business or to invest in Market:
This is a risky loan and it totally depends on the person and his skill to shine in the area that he has chosen. If there are some interest free loans or grant from the country then opt the same instead of a high interest loans.
down Wedding Loans:
This is one area most people take a loan for their wedding or their children wedding. This is where old people loose all their savings and get into debt which they are not able to pay back as they have already crossed the age for working. It is better to have wedding that you can afford so that bride and groom start the family without worries and live happily.

 

Any loan, think twice before you opt for it and take it only if you can pay back.

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