| |
| |
| Credit Information | |
|
|
|
Dont Dig Your Own Pit
If you want to enjoy your life out of spending, enjoy if you have your own resources and money. But don't enjoy your life by becoming a debtor to somebody. Of course in the modern world, there are many ways and means, which force you to become a debtor. Attractive advertisements in the satellite TV force you to become a debtor. It tempts you to buy the modern amenities at any cost. Even though you don't have any money or resources it shows you many resources for obtaining credit to buy that product. But you must think thousand times before becoming a debtor. In today's world credit is the easily available commodity. Numerous companies are waiting to pull you in their trap. They are competing severely to pull you in their trap. But you must be careful to entangle in that trap. In spite of this caution if you are prepared to enjoy, then you won't get any pleasure. But you will lose your peace of mind. Let us discuss about the common desire of everybody. It is natural that every body wants to have their own house. It is a reasonable desire. But the desire can be attained if you have enough money on your own to buy the house. If you are an executive working in a company what will you think? You will get ready to apply for some loan and buy that house. As such you have decided and applied for a loan. The loan has also been sanctioned. Next you will ask the engineer to construct the house with in the sanction of loan. But the Engineer on seeing the plan will say "Sir, you are constructing house once in your life, Why such a low budget house, we can increase slightly your plan sir, it won't cost much only some increase in your normal budget, he will tempt you. By that time you will also have some Himalayan courage, and think why can't we adjust that 10% increase, we can adjust that 10% increase by obtaining loan from our relatives, and you give consent to the engineer's suggestion. The Engineer begins to build your house. The house is also going to be completed soon and only some finishing work is there. You ask your engineer 'when can I take possession of the house', sir? The engineer will politely tell you, Sir, there is a small problem, the problem is due to the increase in the cost of materials, I fear whether it is possible to complete the House what we have already planned. But you are in the dream that the house should be constructed at any cost. What you will do. The next thing before you will be some bank balances available in your savings account and the jewels of your wife or your children. So your savings, jewels will all go from you and fill the cashbox of another businessmen. Your house becomes ready finally. On seeing the house raised beautifully you will forget where you got the money. You will forget about the loan you obtained from your company. You will forget about the loan you obtained from your relatives. You will forget about the erosion of your savings and jewels. All these will come to your remembrance only when the company commences their recovery for the loan you obtained. All these will come to your remembrance only when your relatives need the money they paid. All these will come to your remembrance when you don't have enough money in your savings account for your urgent requirement. You can get easy resources to fill up the shortfall, because you are working in a company. Companies are ready to give you credit on the basis of your salary slip. You are also ready to get credit from another company to fill up the deficit. Now you are ready to close the small debt pit, and begin to dig another debt pit, which will be deeper than the first pit. The same deficit pressure mounts after some time. Again you are prepared to obtain loan with some other company. Now you dig another debt pit, which is more than the size of first and second debt pit. Like this you will go on digging pit after pit, closing the earlier pit to overcome your deficit. Finally at one stage when you see the remaining pit, it will look like a deep pit, which will be very difficult to fill it up from any source. So the ultimate choice before you will be to dispose off the house to fill up the deep pit. You have also made up your mind to sell the house. Then you have also made arrangements to dispose off the house. One buyer came forward to buy the house. Even though the rate offered by him is not as expected by you, you have to get the money and fill it up the debt pit finally remaining before you. The house was finally sold off and you got the money. But while working out the amount you have to settle to your debtors, you need some more money. With the proceeds realized out of selling the house, you have settled most of the debt. So what happened to your dream of having house? You have lost all your savings, jewels, and other resources and still have some debts. Where all of your money has gone? It is no secret, most part of your debt were for the interest. The interest made you to close one pit after another and finally it let you with a deep pit. This is a common plight of most of the families especially in the middle class peoples. The reason is due to their mental capability to enjoy all modern amenities without knowing their economic capability. Enjoying the life is absolutely necessary but it should be one's own resources. We can enjoy life but not on obtaining debt. We have to increase our resources and then think about enjoying the amenities. Author's bio: He is now writing articles mostly on motivational topics. He has written many articles on parenting, children, health practices, etc., His articles are being published in many Internet sites. Please visit his homepage to view more articles: http://www.tncity.biz/article.html
MORE RESOURCES:
Credit - Google News |
|
|
|
RELATED ARTICLES
Improving Your Credit Report Even if you think you have a wonderful credit report, be wary of the error factor. Just as you receive mail with your name and address misspelled, your credit report can have errors as well. Taking Control of Your Credit History Your credit history is important; in fact, in this day and age, only family and your time are more important than your credit history! The first time you established a payment commitment over a period of time for a purchase, you began your history of credit, and the credit bureau created your account. Payments such as the electric company, a rental agreement, a cell phone, a car payment or a low-rate credit card which you also have a responsibility to repay are not reported to the credit bureaus as a part of your credit history. Understanding Your Credit Score When you apply for credit one of the first things almost all credit officers do is check your credit score. Although not all of those officers explained to us what a credit score is, we are all rated according to it and the offers we receive were all dependent on that score. Preventing Credit Card Mess Credit card debts problem is extremely common today. It is usually the first sign of longer term financial troubles. Grants, Loans, Free Credit Cards And Credit Repair: The Whole Truth And Nothing But The Truth You got creditors calling you everyday. You could lose the car or house. Which Citi Mastercard Is Right For You? You've decided to apply for a Citi MasterCard, but with so many different cards to choose from, how do you know which one is right for you? Here is a brief guide to the different types of MasterCard available from Citibank.A great MasterCard program is the Citi Platinum Select Card. Is Your Credit Score Being Held Against You? Credit Scores That HurtIs your credit score being held against you?More and more the staples of life depend on your credit score. Your mortgage, insurance premiums, employment opportunities and even your landlord may be using your credit score to determine your financial future. 4 Steps You Can Take If Your Online Credit Card Application Has Been Refused Help! I've Been Turned DownYou received an envelope in the mail with a great offer for a low interest credit card. You read all the details, even the boring small print and decided that this card fit your needs to a tee. Top 5 Reasons To Check Your Credit Report Regularly #1 Make sure mistakes aren't hurting your credit.Reviewing your credit report can help you avoid costly errors. What Does Your Credit Say About You? A credit report is more than just a snapshot of your financial picture; it can assist credit grantors in determining your overall risk factor. Additionally, lenders, credit grantors, and even human resource departments often use it as a tool to determine a person's character. I've Heard About FACTA; What Does It mean? What FACTA means is that if you, as an individual, lose the information on anyone you have ever hired; or, for any business in the United States of America that collects any personal information on people, if the information should be lost due to not destroying the information properly, then two things can happen. First, there are federal fines of up to $2,500. Learn The Truth About Identity Theft Identity theft is the fastest growing crime in America, according to a recently released FTC study. Did you know that the term "identity theft" did not exist until just a few years ago? It is a recent phenomenon that is causing a great furor around the world. Credit Cards And Loans - So Many Options - So Little Time Credit Cards and Loans sounds like just two things, but in actuality, it is dozens of things. Due to a combination of user preferences, lifestyles, and marketing ideas, there are dozens of different types of credit cards out there. How To Choose Your Credit Card Application The articles and tips provided on this site are intended to help you access credit card offers that suit your lifestyle. By providing you with some basic information, we are confident that you will be able to easily identify which are the best credit cards for you. All About Balance Transfers What is a balance transfer?A balance transfer can be explained simply as a balance transfer! When a balance is transferred usually from a credit card, but possible from a bank account or loan to a credit card with a offer interest rate (usually 0%) for a set period. It does not have to be the entire amount. What You Need to Know About Credit Reports You hear people talk about credit reports all the time but do you know what they are really all about? Well, if you have ever been turned down when applying for a credit card or a loan it is high time you learned all about your credit report and how you can get it working for you instead of against you.Let's start off by explaining what your credit report actually is. Do you Know the Benefits of Checking your Credit Report? Do you know why you should check your credit report?Of course you do, because you have undoubtedly experienced one working in your life!No matter where you roam, your credit report follows you through life, updating all aspects of your life: your employment, where you live, your opened credit accounts, your closed accounts, your payment history, and even public records on you.In this country, a good credit history brings you benefits of all kinds--a home mortgage, an apartment lease, an auto loan, or even more credit--with ease. How To Read Your Credit Report The Fair and Accurate Credit Transactions Act, signed into law on Dec. 4, 2003, gives every American the right to a free credit report every year from each of the three major credit bureaus -- Equifax, Experian and TransUnion. Protect Yourself Against Identity Theft Identity theft is when someone uses, without permission, your personal information in order to commit any frauds or crimes. Identity theft is a felony that is becoming more and more common. Get Your Credit Score To Soar In The Twinkling of An Eye Ever wonder how a creditor decides whether to grant you credit? For years, creditors have been using credit scoring systems to determine if you'd be a good risk for credit cards and auto loans. More recently, credit scoring has been used to help creditors evaluate your ability to repay home mortgage loans.
|
| home | site map |
| © myfinancialsolutiononline.com 2007 |
