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Save Money Do Not Borrow it on your Credit Card
Lets face it we have all been in a position where we have needed a little hard cash depending on if it is at the end of the month or a unforeseen bill that needs paying straight away. However before you go off down to the ATM and take that cash out on your credit card, lets just take a look at the reasons why you should be careful before borrowing from the credit card company.
Firstly every time you take money out of the ATM the fee for that money comes into play immediately. The cash advance that you are thinking about can have between 2 and 4 percent Higher interest rate than your regular credit card rates.
Not only will you be charged by the credit card company for borrowing the cash you will also find that you are charged a percentage by the ATM vendor. Those handy little ATM’s in the gas station can charge up to 1% to give you the cash! That is an extra 1% you have to pay to get that money.
Confused? Ok let us take a quick look at how this all works:
You see on a market stall a fantastic stereo that you have wanted for ages. The vendor being a street trader would prefer it if you pay in cash (lets face it if you use your card there he gets charged for the fact that he is using the credit card companies facilities). You decide you must have it so you go to the ATM and draw out $200 on your credit card.
This cash will be the last thing that your credit card company lets you pay off the card. So if you have $500 on your card and you take a further $500 out at the higher rate of interest as it is cash, you will pay that rate of interest until you reach zero balance even if you pay off $500 the next day! So you will still end up paying over the odds to borrow that money.
Eventually when you hit the zero balance you will notice that you have over the time that you borrowed the money been charged three times. Once by the ATM where you got the money from. Once by the credit card company for taking the cash option and once more by the credit card company who will charge you a higher rate of interest for the privilege of having cash in your hand.
Is it really worth it to get something a few days early?
Guardian Protects Business Loans if Disability Strikes: Offered in New York Market by National Financial Network, LLC
Garden City, NY (PRWEB) March 22, 2007 — Business owners who have borrowed money in order to expand their businesses will benefit from a decision by The Guardian Life Insurance Company of America (Guardian) to increase the amount of loan obligations covered in the event of a disability.
Guardian’s Business Reducing Term policy will insure up to 100% of monthly loan payments — principal and interest, provided the obligation rests with a single principle — should a business owner become totally disabled. This represents an increase over the policy’s prior level.
In New York, Business Reducing Term is available through the National Financial Network, LLC, a Guardian General Agency.
According to Charles Dunbar, a National Financial Network agent, Business Reducing Term addresses a critical gap in the contingency plans of many business owners.
“As long as they can run their businesses, any loans they take out will be repaid from the earnings of the business. If they die, life insurance can pay. But if they become disabled due to sickness or injury and can’t work, their business assets could be lost due to loan forfeiture,” observed Charles Dunbar.
Guardian is currently the only disability income insurer offering a product specifically designed to fund financial obligations that require periodic payments expiring at a given time. In addition to loan payments, other applicable client scenarios include business owners who offer guaranteed employment contracts to their employees and those who’ve purchased a business or professional practice with any amount payable to the seller over a specified period.
“National Financial Network, LLC is in a unique position to offer our business-owner clients a product with which no other company can compete,” said Charles Dunbar. “By increasing its business obligation coverage levels, Guardian is signaling it long-term commitment to a key sector of the U.S.economy.
About GuardianFounded in 1860, The Guardian Life Insurance Company of America, New York, N.Y., is the fourth largest mutual life insurance company in the United States. As of December 31, 2003, Guardian and its subsidiaries had $37.2 billion in assets. With more than 5,000 employees, approximately 3,000 financial representatives and nearly 100 agencies nationwide, Guardian and its subsidiaries protect individuals, businesses and their employees with life, disability, health and dental insurance products, and offer 401(k) financial products and trust services.
As long as they can run their businesses, any loans they take out will be repaid from the earnings of the business. If they die, life insurance can pay. But if they become disabled due to sickness or injury and can’t work, their business assets could be lost due to loan forfeiture Contact: Charles DunbarNational Financial Network, LLC990 Stewart Avenue, Suite 200Garden City, NY 11530Tel: 516-240-1919