Secured Personal Loans - Your Personal Financial Titanic
Boy, the following article just gave us the willies when we read it. Once again, we are getting advice on how to get deeper and deeper in debt. Not only does this article assist you to get deeper and deeper in debt, it is giving advice to those on edge, those ready to lose it all, on how they can get more money, maybe pushing them over the edge. This article is pure evil.
Secured personal loans- secure your “tomorrow”This headline should probably read, “Secured personal loans – your personal financial Titanic.
Human beings have unlimited wishes. However the resources available to them are limited. It’s not easy to meet their personal requirements through their budget. Hence secured personal loan avails them an opportunity to fulfill their personal desires.Aaaagh…how can this writer proclaim to be a professional specializing in personal finance? Yes, we have unlimited wishes, it doesn’t mean that we give in to them when we don’t have enough money to pay the rent! These loans don’t give us the opportunity to fulfill desires, they give us the opportunity to lose everything just that much faster. These loans are scarcity creating machines. Buying things on credit is false abundance
A secured personal loan is secured against your property, which is your home in most of the cases. This property is kept as collateral with the lender. He may repossess it legally, if you are unable to repay his money. In return you enjoy low interest rate and long repayment duration. You are also free to fix monthly installments according to your capacity and wish. Besides this you are also free to borrow a good amount due to the presence of collateral.Oh my gosh! Let’s just put one of our most important resources, one of our most important possessions at risk, our home! And just what are you going to do if you can’t repay the loan? Do you think the people that give these loans, knowing that you have bad credit, are going to give you an inch of leeway? NO! They will snatch up your home just as quick as they can. Is that vacation to Hawaii that important now? Was it really worth losing your home over?
The multiple purposes of secured personal loan are as follows-home improvement, car purchase, debt consolidation, wedding, holiday expenditure etc. This loan is best suited when you need good amount of money for your personal expenditure. It can also be used for commercial activities.Again, is ANY of this worth losing your home over? The one that really kills us is debt consolidation!!! Normally, when this is discussed, we are discussing credit card debt and the like. So, with this senario, you are replacing unsecured debt with secured debt. Grrrr…. Hello?!? Does this make any sense?
A secured personal loan is also beneficial for people with bad credit history. Their bad credit has now become a forgotten chapter. Lenders generally don’t feel any hesitation in helping you avail bad credit secured personal loan. This loan is designed for such people only. You can go online to search for various lenders available in the market. It’s a speedy and convenient process to get in touch with lenders.Lenders have no problems with this kind of loan because they know they have a great chance of picking up some property on top of the money the borrower has been paying. Of course they have no hesitation, for them it’s a win-win proposition.
The best thing to do is be wise and frugal. Know what you can afford and what you can’t afford and don’t get caught up in the keeping up with the Joneses. You’ll thank yourself time and time again for avoiding this kind of scarcity situation and living within your means.
Once you realize how important this is, you will be on your way to living an Abundant life. Soon you’ll have the resources to do what you want without putting yourself and your family in such jeopardy. Soon you won’t even think about keeping up with the Joneses because they will be the ones trying to keep up with you!