Skip to main content

Utilization of credit card...


Credit Risk terms “Money available for a client to borrow takes a risk in the hope of a favorable outcome “A credit card is a financial instrument, which can be used, for buying goods and services on credit from anywhere, which are generally issued from bank, retail houses and other business originated houses. When credit card issue to the person you have to be carefully go through the credit-card limitation as less as you can use it your own liability gets less .However people are not much aware of that how risky using of credit card if it is not used in a phased manner.

Credit card is usually used it to avoid the circumstances when you are in debt or if there is money crisis .US people can use credit card as many as they can and ultimate result is find out that they are sinking in debt wave, problem is that before using Credit Card you will be keep your self in safe cage like if you are working you can go for credit card but try to payment the dues within due date otherwise your interest amount will be increased and the card used by you it may be that’s carry high interest rate, there are several kinds of cards issued by bank like blue card, gold card, silver card, platinum and titanium cards its varies bank to bank , and the person used it and if you are not to pay your dues your interest amount gets levied on that amount and it will increase your debt .However some guys are studying in school and colleges, they are seems to be jobless guys they are also using credit cards in their student life but when the to time clears their dues they didn’t find the way how to repay the dues make his/her life into debt.

SOME CREDIT-MAGIC SOLUTIONS:
1. Try to increase your revenue .Since the Credit range will be no longer and it will not create an obstacle, and you will be able to close your more loans.
2. Go for Credit Card but before make your balance between the savings and expenses throughout the year.
3.Before go for Credit Card make it confirm all the disciplinary rules which is under act because issuers offers nonetheless ,and confirm the interest rate, fees and payment parameter.
4. Set your budget according to allowances you receive other wise you are not able to pay your dues and it will create burden with interest charges on your credit.
5. Try to pay your bills, rents, and other essential thing in full, or at least some extent or as much as possible.
6. Never go over the limit of your financial capacity, if it is then you have to add incur some additional source of earning.





Labels:

Comments

Post a Comment

Popular posts from this blog

Type Of Home Equity Loans For Debt Consolidation

How can home equity loans help out to consolidate your debts? In this article I just focus on how equity loan works for fight with debts in both long term and short term. Let me defined what exactly home equity loan are most if the people didn’t understand the function of this loan, it is one kind of loan which acts like second mortgage where you can lend some money as per your home value without gaining high risk. In home equity loans there are some category like: 1) A Closed-End Equity Loan: Closed equity loan is known as equity line of credit where a borrower received a complete payment consisting of a single sum of money it is signified to as a closed end home equity loan. These loans are advised orthodox second mortgages. Where the tenure will be written 15 years and a fixed rate of interest you have to until the whole loam amount is not paid. 2) Home Equity Line of Credit: Home Equity line of credit (often called HELOC and pronounced HEE-lock) people generally go for this kind
2 comments
Read more

How Chapter 13 Bankruptcy Lowers Credit Card Debt

Uncontrollable credit card debt has led many American citizens to look for a way out that really works. While some individuals resort to debt settlement programs, others favor the complete judicial protection that is offered by Chapter 13 Bankruptcy. Chapter 13 Bankruptcy assists US consumers to lower their monthly payments on credit card debt. You can become debt free simply within 3-5 years with complete judicial protection. Individuals who have non-exempt assets like rental properties frequently opt for reconstituting their credit liabilities throughout a 3 to 5 year period for the purpose of lowering the monthly payments. At the same time when there would be a negative impact on their FICO scores for up to seven years, those who are facing severe financial difficulties can become debt free. The Distinction Between Chapter 7 and Chapter 13 Bankruptcy The main distinction between Chapter 7 and Chapter 13 bankruptcy is that the second permits a consumer to hold non-exempt assets. A co
16 comments
Read more

How credit scores can change your lives?

Credit score is a 3 digit number that indicates your ability to repay a loan. It is calculated statistically and is based on your credit history. It reflects your creditworthiness or your past and future ability to repay debts. When your credit score is calculated, your income, liabilities and expenses to repay the loan are taken into account. Why is a credit score important to you? Your credit score helps lenders to objectively measure your overall credit risk. Your credit score is specific and gives your creditors a fair knowledge of your credit situation. Scores can be viewed by your lenders easily and this allows your lenders to speed up the loan approvals. With your credit score, your lender can approve your loan much faster. Scoring enables the lender to take faster credit decisions. Where can you find your credit score? Credit scores appear in your credit report, which is a file that contains all your borrowing details. Your credit report is generated by a consumer reporting com
1 comment
Read more