Sunday, March 15, 2009

DON’T BE TRAPPED

Have you ever feel trapped? Well if you are in debt all your life that is one way of being trapped. I have this theory that when you start having debts you are somehow trapped. I know that there are some practicalities on loaning, but the hassles paying the loan or the mortgages overpower those practicalities.

But then who are we to judge those people who wanted to acquire say a house or a car but doesn’t have the money to pay for cash. I understand perfectly those people who only earn a minimum wage but wanting to have their own home or car.

So if you don’t want to be trapped on paying those mortgages, I have a few suggestions and tips for those who want to loan a house, car or even money:

  1. Do the math. If you think you can’t still pay for those loans then don’t have them. Learn to prioritize.
  2. Consult a mortgage refinance. It doesn’t hurt to ask financial advice.
  3. If you must loan just make sure that it is within your financial bracket. You don’t want to pay a loan with another loan. It’s like digging your own grave.
  4. Think about having a loan for about a hundred times – seriously.

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