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DID YOU KNOW?

	An automobile is something more than an engine on four wheels. It is more than just another mode of transport. An automobile is the reflection of the personality and tastes of its owner. A person who owns a Rolls Royce is probably a person who gives top priority to quality and class. A person who owns a sleek and trendy sports car is probably an aggressive person who likes the looks along with the stuff. An automobile is an indicator of your status and financial wealth. However, automobiles do not come cheap. If at all you intend to pay for your dream automobile from your own pocket, you will have to earn a lot of money before you actually own the car. Since it will take a lot of time for people to accumulate enough money to finance their car at one go, the facility of auto loans is offered to the public. Auto loans can be obtained directly from financial institutions that are in the business of accepting deposits and offering loans. For the sake of convenience of the customer, almost all the car dealers provide the facility of auto loans. In the case of the former, the provider of the loan is not associated with the seller of the automobile. The two transactions of purchase of automobile and obtaining the loan for purchase of the automobile are separate. In the latter instance, the financial institution and the car dealer enter in to a mutually beneficial agreement to provide finance for purchase of automobiles. Such an agreement is beneficial to all the parties concerned. The customer gains as he or she gets can purchase the automobile and obtain an auto loan to finance the purchase at the same place. Cumbersome paperwork and multiple negotiations can be avoided. The car dealer gains by the fact that customers prefer a car dealer who provides the facility of auto loans to a car dealer who does not do so. The lending institution gains by the fact that it is assured of borrowers. This agreement enables it to shift the burden of advertising and marketing upon the car dealer. Getting an auto loan from a lending institution will be cheaper for the borrower. However, the borrower will have to take up the burden of finding a lender offering the favorable terms and conditions that he or she is looking for. Opting for auto loans offered by car dealers enables the borrower to get a tailor made deal suited to his or her needs. However, opting for an auto loan through a car dealer will be costlier due to the presence of the middleman. An auto loan is pretty similar to any other loan. Money is borrowed and repaid in installments along with interest charges. Apart from auto loans, there is a flourishing market for refinancing of auto loans and auto loans for borrowers having bad credit.

In the hands of the right consumer, a credit card can be a very useful tool. Unfortunately, the “right” consumer is rare. The concept of buying on credit, while convenient, actually serves only to line the pockets of financial gurus with millions of dollars each year in finance charges and interest dollars.

What is it about plastic that is so appealing? It’s easy for one thing. Instant gratification is the driving force behind the appeal of plastic. In fact, it’s unusual for most consumers to have real money in their purses or wallets, even the bank provides plastic in the form of debit cards. So now checkbooks seem primitive.

In the last decade Americans have fallen further and further into debt, thanks to the ubiquitous plastic. In fact, the United States government is world renowned for its deepening national debt. Most financial experts agree that credit cards are one of the worst financial ideas ever, leading most consumers into debt well beyond the point of any return.

Credit Card Companies

Leading the march to heavy debt are the credit card companies that spend billions of dollars each year marketing their wares to the American consumer. Especially dangerous are those spenders who are borderline credit-worthy, or who possess no credit whatsoever. These consumers, financial experts argue, are the easiest prey for credit card companies. Everyone wants what the Joneses have, even those with little money to pay upfront. Many consumers are duped into credit card accounts that come bundled with exorbitant interest rates, rates that realistically make it impossible to repay purchases without essentially paying for them many times over.

Experts suggest that all consumers read the fine print included in the offers that come in the mail. Most card offers are financial suicide, at best and should be avoided. For those consumers with poor credit history there are options and counseling available free of charge at most banks.

Building Credit

The ingredients that go into the mix for a good consumer-credit card relationship are: financial savvy, budget awareness, and a realization of the limitations of credit card spending. A consumer conscious of these things is poised to make the best of a credit account, using it to build credit instead of ruining one’s good financial record. Experts suggest that consumers looking to build credit or expand on good credit they have already, should shop for the best credit card deal possible. Most credit card companies are more than willing to waive annual fees and lower interest rates for customers with good credit records. Consumers must be willing sometimes to pick up the phone and discuss their options with the company’s customer service representative. Also, a savvy consumer pays their bills off regularly; they don’t allow large purchases to linger on their account over time. It is this manner of usefulness that makes a credit card a beneficial financial tool.