Christmas Loans: Better Than Credit Card Financing
When Christmas arrives, everybody realizes how expensive these festivities are
. Most people use their credit cards for purchasing groceries, decorations and presents and they dont realize how costly credit card financing can be. Instead, there are Christmas loans offered by lenders at this time of the year with promotional rates and advantageous loan terms that can provide cheaper financing.
Thus, requesting a Christmas loan to finance Christmas celebration is the smart thing to do if you cant afford paying in cash for everything. The interest rate charged for these loans is usually half or even less than the rate charged by credit card issuers. Christmas loans are just like regular loans, with the sole difference that lenders tailor special loans with better terms to attract more customers during this time of the year.
Comparing Interest Rate
The interest rate charged by credit cards is very high. It can easily reach 20% APR which can turn your Christmas purchases into a very onerous and luxurious acquisition. Though credit cards provide a very flexible and comfortable means for buying goods on a regular basis, when it comes to special purchases, it is better if you resort to loans because you can save a good deal of money that way.
As opposed to credit cards, Christmas loans can provide you with all the finance you need with a low interest rate that is often half or even lower than the interest rate charged by credit cards. We are talking of an interest rate that can get as low as 5% APR and as high as 12% APR depending on the loan terms and on the credit score and history of the applicant.
Fixed Repayment Program
Moreover, the fact that loans have a fixed repayment program will aid you to avoid accumulating debt. A loan can be easily budgeted and youll know what the exact amount youll have to pay every month in order to repay the money owed is. And that means youll know beforehand how much money youll need to set aside for repaying the debt you incurred during Christmas.
Credit cards on the other hand present the problem that you dont need to repay the full balance. And you can even pay just the minimum amount which is almost always composed only of interests. This will drive you into the temptation of incurring in additional debt while paying only the minimum payments. And thus, youll accumulate debt easily. Credit card debt is one of the greatest problems the average American has and could be easily avoided by restricting the use of credit cards.
Better Loan Conditions
Besides, Christmas loans have more advantageous loan terms than regular loans and you can obtain higher loan amounts, longer repayment programs, lower monthly payments and many other benefits. Also, the requirements for approval for Christmas loans have been lessened and not only youll obtain better loan terms, youll also get good loan conditions even if you have bad credit. Thus, dont hesitate, if you need finance for Christmas presents, decorations, food, etc. forget about using credit cards and resort to Christmas loans.
by: Devora Witts
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