One way to buy everything at once is to take money from the bank. But sometimes the purchase price is too expensive. It is better to refuse some loans altogether.
February 16 2019
Loan for a smartphone, household appliances, TV, clothes and shoes
Buying on credit increases the value of the goods, because the bank will have to pay interest. Does the store offer “no overpayments” by installments? Surely commission expenses are already included in the price. These loans are usually taken by shopaholics, but not by people who have nothing to wear or those who do not have a telephone set. With rare exceptions, with the purchase of all these things, you can wait and save up for them from your salary.
Payday loan
For small amounts – from 5 thousand rubles. – many apply to microfinance organizations. Money is given quickly, without proof of income. Some firms provide loans for online applications. The rates seem to be low, for example 2,2%, but this is a day, in terms of a year it will be more than 400%. For example, you take 5 thousand rubles. for 10 days. We’ll have to pay 6100 rubles. It would seem that the amount is insignificant, but if a person is forced to intercept 5 thousand rubles before the salary, then his income is lower than his expenses. And every thousand rubles of debt is an additional burden on the budget. If the money is not paid on time, penalties will be charged. When the debtor tries to hide (many change SIM cards and even move), the collectors get down to business. The debt is growing every day. If you urgently need funds and you are counting on a salary, it is better to use a credit card. She has a grace period during which you can use the money without interest.
Debt travel
Buying a tour package on credit increases the cost of your vacation by about 20%. Considering that after a vacation, in most cases, there is a shortage of funds, it can be difficult to give money away. To buy a tour cheaper, it is better to postpone it or pay attention to early booking, it helps to save money.
Loan for an expensive or used car
When buying an elite model with bank money, it is worth remembering that already in the first year of operation, the car will lose at least 20% in price. But for the consumer, the cost of a car only increases. The reason is bank interest. If we are talking about an expensive car, then the loan term is extended for 5 years or more. The longer you use your money, the more significant the overpayment. And you also need to issue a CASCO, for a car loan this is an indispensable condition. Buying an old car, a person does not see a catch: a small loan, it seems, it will be possible to return it quickly. But a car older than 4-5 years requires significant investments, so you have to spend money not only on loan repayment, but also on repairs.
Choose a model taking into account the fact that immediately after purchase it will lose 20% in price. The residual value should not exceed the amount of your debt. So that in case there are difficulties with earning income, you can sell the car and settle with the bank. It is not hard to guess that this condition is doable if you have a down payment on the purchase of a car.
Credit for a celebration (anniversary, wedding)
These activities are devoid of liquidity, that is, they cannot be sold. Even having bought a smartphone on credit, you have every right to get rid of it, albeit with a loss of money, and use the proceeds to repay the loan. The banquet ends, but the debt for it remains.
Assessment of opportunities
Before taking out a loan, make sure that your financial condition is stable. Remember, that…
… payments on all loans (sometimes there are several) cannot be more than 30% of the family’s income;
… you must have an “airbag” – an amount equal to your usual expenses for three months. If you lose your job, it will take time to find a new source of income;
… the property that you own and can sell (not an apartment) in case of difficulties with repayment of the loan is more expensive than a loan.
And keep in mind: if you have problems with the loan repayment, contact the bank with a request for debt restructuring. Credit organizations meet the needs of bona fide borrowers.