Can Credit really benefit debtors

Credit beneficial to Borrowers

What is the first impression when the term 'credit' is being introduced to you? Old folks often lamented that the power of credit will destroy an individual's financial well-being and credibility in the long run. How true is that? Indeed, there is a saying famously known as "Money is the root of all devil". However, have one every asked how the country derives with flourishing economy. It is the jobs of investment banks, retail & commercial businesses as well as hedge fund managers to create a blooming influx of cash surpluses. But, they don't possess the financial capabilities to fund these capital-intensive infrastructures hence leveraging on commercial credits being loaned to them at moderate interest rates by the relevant Central Banks. How about retail borrowers, find them out before!

Who can benefit from Credit cards?

Knowledge is power to success! If any direct sales officer ever stops you in the shopping mall or just outside the bank, don't reject them outright as they might have some special deals crafted out by the marketing team and audited by the quality control segment. Most of the time, two keywords will pop out in their sales pitches - Credit Cards and Personal Loans. You must be thinking why are they so persistent in selling and part of the reasons is that it yields a considerable amount of commissions, not exactly the highest, but the most lucrative and higher success rates being proven in the industry.

As a retail spender, learn more about the respective credit cards being offered by various banks. Be surprised that most of these retail bankers are non-competitive as they target different segments and audiences. Credit cards offer rebates from shopping expenses as well as signing up incentives like vouchers which can significantly reduce spending on necessities. Use it to your advantage today!

There are banks looking at consumer spending, others in search of credit loaning facilities and remaining ones after high-networth-individuals.

Taking up Student Loans using Credit

Wanting to spearhead career or pursuing your passion in something desirable but lack the cash to do so, there is a loan facility by the name of Student Credit department. What's so special is that retail banks do offer students to adopt study loans with fixed interest rates to upgrade themselves even without initial capital outlay. Further studies can be costly and not everyone can afford but in this competitive industry, bankers design unique types of loans to increase their market share as well as making these aspiring students benefit in the long run, win-win situation for the economy and users.

Retail bankers & Micro moneylenders are more willing to allow students to leverage on credit as they're still young and have the financial future to make repayments. The debtors are usually insured by third party insurance firms in an event of unforeseen circumstances and the banks don't suffer massive losses at any point. Another attractive thing is that by adopting a student loan, there are perks such as extended loan tenor of up to 8 years as well as zero upfront installments during the period of studying. Who is to reject such an enticing opportunity?

Rights & Accountability for Debtors using Credit

Firstly, debtors who want to tap on future cash as to understand the risks of doing so by assessing their level of comfort in repayments as well as the purpose of using. While credit bureaus & credit reporting agencies are surfacing to help in designing specific precautionary measures, it is the responsibility of debtors to borrow a conservative amount under any circumstances. This will help the economy generate more activities with lesser risks of facing heavy deficits in provisional for bad debts should a recession occurs. Debtors have their rights to sound off and negotiate with creditors in an event they're unable to pay up the liabilities and the fact that lenders have to respect the decisions else face harsh punishments in the grand jury. Do not take Credit for granted as it is the future cash that has not been earned.