Apr 4, 2008

Credit Cards

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Yourcreditnetwork says that borrowing from the bank may be less dangerous psychologically because banks usually insist that you pay off your debt promptly. Also, you will be guided in your borrowing by experienced people who know the installment credit field, and who can advise you wisely in how to get the most out of your credit.

Banks have no merchandise to sell you – no “ax to grind”. And the bank benefits only when it can help you use your credit and safeguard it at the same time. And, of course, you will build a good credit reputation where it counts the most – at the bank.

A banker or creditor is concerned with three important factors about you:

1. Your character
2. Your capacity
3. Your capital

These are sometimes called the “three C’s of Credit”. Your banker wants to know whether you are financially and morally responsible, whether you have the capacity to repay the loan out of your future income, and whether you have the capital to fall back on in an emergency.

Finally, Yourcreditnetwork suggest the golden rules about borrowing, including credit card offers:

1. Shop around for best deal
2. Do not borrow more than you have to, and do not go over your “borrowing capacity”.
3. Repay quickly – and save credit costs.
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