Friday, August 12, 2011

Should i put it all on a credit card or get a loan?

Credit cards have high interest if you don't pay everything back within the time specified and the interest is on the amount owing. The other thing is that they are an open credit in that you could be tempted to use your credit card again and hence never pay back the debt. Some loans can have a lower interest rate depending on whether you take out a secured or unsecured loan. You have set payments on loans to make either weekly, fortnightly or monthly and can generally see your debt come down. You also don't have the problem of being tempted to draw down on available credit like a you would with a credit card. Still, the choice is yours to make. Congrats and good luck with the wedding.

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