Entry
Are loans better than credit cards?
Dec 26th, 2007 03:56
Peter Jonsson, David Sill, Joseph Martin, Mark Gomelli, Harsh, http://www.chiefcyberpicks.com http://www.onlinebingoreviewdirectory.com http://www.skillgamesdirectory.com
When it comes to borrowing money from financial institutions, loans
and credit cards are the most common forms. Therefore, it is no
surprise that people often consider which of the two is the better
option.
No one solution can fit all; either can be a good option depending on
how your situation fits into the following;
1.The amount you need to borrow.
2.Your circumstances.
3.The level of flexibility you want to have.
1. The amount you need.
A loan allows you to borrow huge sums of money where as a credit card
will only go as far as several thousands (although your credit limit
can be increased over time).
With a loan you can get the cash in hand if you need it but with a
credit card, you would be charged a cash advance fee if you were to
withdraw cash.
2. Your circumstances
If you have a bad credit rating, both loans and credit cards would
have a high interest rate but the credit card would be easier to
acquire, albeit starting at a low credit limit.
3. Flexibility
Some people may borrow money that they�re able to pay back within
weeks, but then find that they have to borrow again later.
If this is your situation, a credit card is the perfect option for
you. Credit cards are flexible; you can pay them off anytime you have
the money available. That money is again available for you to borrow.
If you manage this well, you might get away with paying very little
interest.
In Summary:
- Loans are better if you need large sums of money
- Loans attract a lower interest rate
- Credit cards are better if you just need to borrow to supplement
your income.
- Credit cards are easier to get if you have a bad credit rating.
- Credit cards give you better flexibility.
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