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Make Money By Spending on Your Credit Card
Tempting though it may seem, there are pitfalls in attempting to overleverage your credit cards using one of the many tactics exposed’ both in popular finance books and online. The reality is that in most cases, lenders have identified and considered any loopholes before the average consumer has heard about them, and if they have not already done so, are sure to correct them quickly.
For example if you swap cards repeatedly so as to keep within 0% interest offers, you risk being penalised by the credit agencies and eventually you will no longer be able to get any cards at any interest rate, or qualify for mortgages or loans.
One essential piece of advice is to ONLY use credit cards for cash-back provided you are not charged any interest. The temptation to use the credit card to gain cash from a cash point can be high, yet by not paying back the card in full at the end of each month, this can be an extremely expensive method of borrowing.
Some advice sources will tell you that cash-back on a credit card, paid off monthly in full is the same as cash-back on a debit card, but that simply is not true; no debit card on the market charges you for getting cash back with your for the simple fact that you are in fact accessing your own funds rather than extending your credit with a lender.
There are other theories that state that since many credit cards lend new customers money at 0%, you can easily borrow this money and put it into a savings account with as high a rate of interest as is available.
The theory is that you will then be earning interest on money you have acquired effectively for nothing and is similar to the idea that you can borrow money as an overdraft from the bank and swap large amounts between accounts in different banks to look as if you have a large income going in and going out.
This is supposed to boost your credit rating – but beware: when considering further credit, lenders are primarily concerned with whether or not payments were made on time rather than the size of transaction moving to an from accounts.
In general it is inadvisable to see interest free credit or 0% interest offers as free loans – these offers do not last forever and if you miss a payment you will actually accrue more interest than if you had a standard rate of interest in the first place!
With many card providers offering incentives to spend you can expect, with normal usage, to receive some reward for your spending – however, spending vast amounts of cash in order to qualify for free gifts, air miles or other similar incentives is not a good investment!
As with any type of credit, borrowing on a credit card can give you access to funds when you need them most as long as spending is kept within affordable limits it can be an extremely useful way of taking care of your outgoings but it needs to managed carefully.
Loans for Unemployed People: Funds to Combat Financial Hardships
It is sad that there are thousands of men and women in different parts of the United Kingdom who have not succeeded in securing a job. The terrible effect of recession has contributed more to deteriorate the state of affair. The much-discussed economic restructure and downsizing have again snatched jobs from many hands. But money should reach to these people as they need it to meet up common demands of life and living. How will they clear the medical bills? Will it be good if they withdraw their kids from the schools as they have no capacity of clearing fees for the schools?
Loans for unemployed people act as remedy to face the known and notorious social ailment called unemployment. T Loans for unemployed people are available to the unemployed tenants and by the unemployed students. The financial market is wise enough to address this problem rightly. Loans for unemployed people are available to the unemployed tenants and to the unemployed students.
Loans for unemployed people may be available in two variants: secured and unsecured variant. In the first variant the debtors are to show evidence of valuable possessions as a home or a piece of land or any such property. The lenders want to minimize their loss and this property of the borrowers is used as collateral. The lenders can take this property if the debtors fail to pay back the money which they have borrowed.
Debtors are not asked to produce any property to be used as collateral in the unsecured form of loans for unemployed people. Loans for unemployed people may be paid from £100 to £1500 and the borrowers are to repay the loan within 7 to 31 days. The lenders set the rate of interest at higher rate.
Any unemployed person who is 18 years old and who is a citizen of the United Kingdom can apply for such loans. He must have a valid bank account.
Some features of loans for unemployed people go in favor of the debtors. Payment holiday, under payment etc may be mentioned as examples. In case of penalties there is favorable consideration for the debtors.
People can apply online when they want to get loans for unemployed people. It usually happens that application of the borrowers is swiftly checked for approval and that they find the money in their bank account within 24 hours.