Few myths and misconceptions of Loan Management

• Debts are best and are available at cheap when you are in need of cash.
• Hand loans are best.
• Credit card and personal loans are the only best avenues to raise debts.
• Can easily get Out of Debt without a Clear Plan.
• Loans can be raised at low processing charges and are very minor when compared with loan amount
• Non principal repaying loan are best options.

Few mistakes of Loan Management

• Using credit rather than cash.
• Buying Too Much on Credit, Carrying expensive debt.
• Not Being Flexible, Not Changing Your Spending Habits.
• Paying bills in no particular order.
• Not realizing that changing of spending habits or clearing off debt will take Time.
• Not Paying Off Debts As Quickly As Possible.
• Buying things you don't need thinking that they might be useful.
• Living in a home you can't afford.
• Not Checking Your Credit Score.
• Choosing a card for the wrong reason.
• Borrowing at the Wrong Place, People don't compare the debt before proceeding to it.
• Misunderstanding introductory rates.
• Not reading the fine print, not understanding the terms of a co-signed loan..
• Not realizing that a car payment can affect other goals.
• Ignoring your monthly statement.
• Only making your minimum credit card payments.
• Failing to close the account and verify it whether it has been closed or not, which might affect your credit rating in future.
• Neglecting to Ask Your Lender for Help.
• Opting for a Repayment Plan That Drags Out the Length of Your Loan.
• Making promises you cannot keep.