The west market has grown greatly in recent years, with the help of a growing economy and favorable macroeconomic conditions. And although much remains to be done, has greatly expanded the supply of financial products locally. As consumers, we may be certainly benefited from it. However, lack of knowledge or information can become such a favorable situation like this in a nightmare.
Some years ago, a person who wanted access to a savings-investment as a Mutual Fund had very few options. Gradually have emerged new and better alternatives that meet the needs of a growing and increasingly sophisticated market. Similarly, banks have put much effort into improving its offer in all product categories.
One of the most relevant is the category of loans . Credits are not only a valuable tool that has the potential to approach our wildest dreams (like buying a house for our family, studies finance that will allow us to grow professionally or start that business you've been planning, to name only some examples). They also are complex financial products that we must understand in depth and we must consciously choose to comply with this positive role.
True, diversity in product offering can mean choosing the wrong way to get to that dream place. Is, we can achieve the goal that we have set with the help of a credit , but may be the case that the debt is not adequate and that our finances end up hurting rather than helping.
Say, for example, John decides to buy a new car. It has seen a $ 12,000 car and have $ 5,000 saved to buy it. It's in the shop and offered to deduct $ 500 list price if you buy the car today. John knows that it is a great opportunity and not to be missed, but never thought to look for options to finance that new car. He knew he was missing $ 7000 (now only $ 6.500 by the offer), but did not know how to proceed to get the money.
Given the urgency, Jhon decides to call a friend who always guided him with important decisions like this. During the conversation, John tells his friend to have on hand your credit card (in which is debt) with an available line S / 25.000. Decide to buy the car with your savings and using credit card to fund the difference.
Although John achieved his goal, he did so in the wrong way. He has used a financial product that, by nature, "punishes" those who are slow to pay. The stakes are very high (exceeding 25% annually quietly) and any other purchases made with the same card will be overloaded with interest. You may not notice it immediately, but John is going to have to assume the costs beyond reasonable simply because they chose the wrong product ... in fact that "saving" $ 500 is going to disappear soon.
It would have been far more efficient to Jhon informed about the various options for financing the purchase of your car and do the operation that best suits you. Certainly in this case would have been more appropriate to get a vehicle loan that will allow making the purchase more reasonable fees, lower interest rates (because the car serves as a "backup" to the bank and it can offer savings in this regard) and the conditions made such measurement operation.
As usual, many times the difference between a transaction a positive contribution to our financial situation and the harm is that we handle information when making the decision. So, before choosing a financial product, know the available options and make sure your choice is the most appropriate for your needs ... your finances will save.
Some years ago, a person who wanted access to a savings-investment as a Mutual Fund had very few options. Gradually have emerged new and better alternatives that meet the needs of a growing and increasingly sophisticated market. Similarly, banks have put much effort into improving its offer in all product categories.
One of the most relevant is the category of loans . Credits are not only a valuable tool that has the potential to approach our wildest dreams (like buying a house for our family, studies finance that will allow us to grow professionally or start that business you've been planning, to name only some examples). They also are complex financial products that we must understand in depth and we must consciously choose to comply with this positive role.
True, diversity in product offering can mean choosing the wrong way to get to that dream place. Is, we can achieve the goal that we have set with the help of a credit , but may be the case that the debt is not adequate and that our finances end up hurting rather than helping.
Say, for example, John decides to buy a new car. It has seen a $ 12,000 car and have $ 5,000 saved to buy it. It's in the shop and offered to deduct $ 500 list price if you buy the car today. John knows that it is a great opportunity and not to be missed, but never thought to look for options to finance that new car. He knew he was missing $ 7000 (now only $ 6.500 by the offer), but did not know how to proceed to get the money.
Given the urgency, Jhon decides to call a friend who always guided him with important decisions like this. During the conversation, John tells his friend to have on hand your credit card (in which is debt) with an available line S / 25.000. Decide to buy the car with your savings and using credit card to fund the difference.
Although John achieved his goal, he did so in the wrong way. He has used a financial product that, by nature, "punishes" those who are slow to pay. The stakes are very high (exceeding 25% annually quietly) and any other purchases made with the same card will be overloaded with interest. You may not notice it immediately, but John is going to have to assume the costs beyond reasonable simply because they chose the wrong product ... in fact that "saving" $ 500 is going to disappear soon.
It would have been far more efficient to Jhon informed about the various options for financing the purchase of your car and do the operation that best suits you. Certainly in this case would have been more appropriate to get a vehicle loan that will allow making the purchase more reasonable fees, lower interest rates (because the car serves as a "backup" to the bank and it can offer savings in this regard) and the conditions made such measurement operation.
As usual, many times the difference between a transaction a positive contribution to our financial situation and the harm is that we handle information when making the decision. So, before choosing a financial product, know the available options and make sure your choice is the most appropriate for your needs ... your finances will save.
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