Personal Signature Loans and The Art of Borrowing
The global economy is a big foul-up right now, and all the credit (or blame) can be placed squarely on the shoulders of irresponsible borrowers everywhere. Borrowing intelligently is really an art form, and the large majority of credit users are doing it as stupidly as anyone ever could. What we're bringing in in the form of income doesn't come close to what we're sending out in the form of borrowed spending, and we seem to have given up entirely on putting money away for a rainy day - that's right - nobody saves anymore.
First of all, you have hundreds of thousands of Americans who bought homes they had no business buying, and no realistic ability to repay the loans. It's amazing to me that as a people we'd blame a Presidential Administration for what we did. It's disappointing that the savvy members of the community will pay for the mistakes of the careless in the form of expensive bailout plans paid for with tax dollars.
We can never let ourselves get in this situation again, and to avoid it we have to decide as a nation of borrowers that we'll use credit with a lot more care. Often - possibly the majority of the time - using credit with care means not using it at all. If you need extra money, get a part time job; don't borrow.
Why am being so harsh on this issue? Because short term loans (whose term is a few weeks or less) are going to carry awful interest rates almost without exception. Do you like the idea of paying 80% or 90% interest and high fees? Neither do I.
So, it's always going to be a terrible move, but sometimes I suppose using these kinds of loans will be unavoidable. You might lose your job due to an unfair boss who fired you just because you nicked his car pulling out of the parking stall at the office. Next thing you know you're out of a job.
Sure that would be completely unfair, and you'd probably even be justified in taking legal action against him, but it would be of no use. And besides - you're unemployed now - you don't have any money to pay attorneys do you?
So what can you do? You're out of a job, your creditors don't care, and the American taxpayers aren't going to bail you out unless your name is AIG or GM. Your only option is to borrow money from friends, family members, or even the loan store on the corner.
The best words of wisdom I can offer you are to borrow not one cent more than you need to keep your family afloat till you land a new job. And whatever employment opportunity comes your way - take it! When people are throwing around words like recession and depression it's no time to get greedy about which job you will or won't take.
First of all, you have hundreds of thousands of Americans who bought homes they had no business buying, and no realistic ability to repay the loans. It's amazing to me that as a people we'd blame a Presidential Administration for what we did. It's disappointing that the savvy members of the community will pay for the mistakes of the careless in the form of expensive bailout plans paid for with tax dollars.
We can never let ourselves get in this situation again, and to avoid it we have to decide as a nation of borrowers that we'll use credit with a lot more care. Often - possibly the majority of the time - using credit with care means not using it at all. If you need extra money, get a part time job; don't borrow.
Why am being so harsh on this issue? Because short term loans (whose term is a few weeks or less) are going to carry awful interest rates almost without exception. Do you like the idea of paying 80% or 90% interest and high fees? Neither do I.
So, it's always going to be a terrible move, but sometimes I suppose using these kinds of loans will be unavoidable. You might lose your job due to an unfair boss who fired you just because you nicked his car pulling out of the parking stall at the office. Next thing you know you're out of a job.
Sure that would be completely unfair, and you'd probably even be justified in taking legal action against him, but it would be of no use. And besides - you're unemployed now - you don't have any money to pay attorneys do you?
So what can you do? You're out of a job, your creditors don't care, and the American taxpayers aren't going to bail you out unless your name is AIG or GM. Your only option is to borrow money from friends, family members, or even the loan store on the corner.
The best words of wisdom I can offer you are to borrow not one cent more than you need to keep your family afloat till you land a new job. And whatever employment opportunity comes your way - take it! When people are throwing around words like recession and depression it's no time to get greedy about which job you will or won't take.
About the Author:
If you want to find a loan on the web, go to Mark's site and check out the signature loans online. You might find several signature cash loans to suit your borrowing needs.
posted by Credit Counseling at
2:59 PM
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