Credit Cards
Credit Cards
Credit Cards

It is very easy to live large and make life comfortable in some part of the western world with all sorts of facilities from debit card to credit card and various other loans so far they see you’re qualified using your financial income and other yardstick as a measure. You may also be disqualified if you don’t have a credit card to your name it may be to your disadvantage because a person with a credit card is credit worthy this is because he has the capacity to pay a higher interest on loans he takes and can stretch them to pay at his convenience ‘the more he keeps the loan the better for the financial firm’ and this shows the kind of person he is in the society. And for carrying such card there’s a kind of data pool that can easily reflect his status and some other financial firm could come marketing themselves.

However, with these facilities you can easily buy almost anything including shopping in the supermarket, purchase of electronics, shoes, cloths, cars, houses. and many others. In the case of cars, there is a facility where the person goes through an agreement procedure after identification. If he is credit worthy, he could have the car immediately. However in most cases the cars are withdrawn from the person if he doesn’t keep his part of the financial obligation and he loses the money he had paid over time.

In the case of buying a house, most people get loans from the bank through a broker or by themselves to buy and pay over time before the could take full possession of the property. Both parties enter into an agreement and some of the sensitive part is if the buyer defaults in meeting up his own part of his monthly financial responsibility,the house will be repossessed and the buyer loses all his money paid over the years.

In conclusion one should not bite more than he can chew. It’s better to pay a large deposit to reduce interest rate and as quickly as possible pay back the loan as the earlier you pay back the less interest you will have to pay.Some people let out spare rooms in the house to help contribute in paying back the loan.

Finally, miracles happen! for example a group of companies could offer to buy houses in your neighbourhood for business purposes and they will be willing to pay even up to twice the value of your property in such situations. In such a case there is room to negotiate to sell your property at a very good price.If such a deal goes through, you would have made so much money to enable you buy your next house without requiring a mortgage.It is pertinent to note that there are several tips on managing your mortgage wisely.

Osagie Fadaka
Writer: Osagie Fadaka

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