In the wake of the soaring rate of interests on credit cards along with the corresponding rise in the number of financial emergencies, people are now mulling alternative to credit cards in the form of personal loans. Now, experts opine that personal loans are a good option when you have good credit scores.
Education has gone a long way toward being a more intensive and more time-consuming part of a young person's life. Today's job market is unrelenting in its requirements. The highly competitive nature of the current workforce means that anyone who does not have ideal credentials could be left behind. While there is no shame in working a lower wage job, the difference in income between a well-educated person and an under-educated person can be a bigger issue than any other element of financial planning.
Loans that either delay payments or make the borrower dependent on future interest rates should be avoided. These attributes make borrowers more dependent on unknown future circumstances: their ability to make bigger payments in the future or future interest rates.
Unfortunately, there are many kinds of loans with these attributes:
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