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What Banks Don’t Tell You When You Borrow

Banks find joy in having you borrow from them, and are so happy to lend you the money, but here are few things they may not have told you:

Banks Are Not The Only Option: In the past, you either had the big banks or worse, the loan sharks. Thanks to the wonder of the Internet, things have changed for the better. Now, you can borrow from each other, without needing the banks. It is called a peer-to-peer money marketplace.

The Credit Card Hangover: Credit cards are fun when you are spending, not so great when you are stuck with their interest rates. If you cannot pay off your credit card all in one go, there are ways around the bank’s high interest rates.

Consolidate All Your Debts: If you have got credit card bills and loan repayments sending you up the wall, why not put them all together. Consolidate your debts now.

Not All Interest Is Created Equal: If you have bought what you have always wanted, the interest you are paying on that loan might be way more than at other places. So, there is no harm in shopping around and taking advantage of companies that will tailor a rate to suit your needs.

You Don’t Owe Them Anything: You may owe them money, but you don’t owe them your loyalty. If their interest rate is too high, or they get a bit judgmental, you can take your loan elsewhere.

 

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