News from LoanSafe:
July 31 (Source: By Eve Mitchell, Contra Costa Times, Walnut Creek, Calif.) - At a time when just about all merchants accept credit cards, the idea of taking out a personal loan to pay for a big-ticket item or unexpected medical costs is an often overlooked financial strategy. But in some cases, a personal loan, also called a signature loan, may be a better solution than a credit card.
The advantage of a personal loan is that the interest rate never changes. That?s not the case with credit cards. But a personal loan has a fixed monthly payment, whereas with a credit card you can pay just the minimum balance. And some credit cards provide reward points for purchases, which you don?t get with a personal loan.
?It depends on your situation,? said Donna Bland, president and CEO of Golden 1 Credit
Union, which offers both products. ?A credit card is very convenient,? she said. ?If you can manage to pay your credit card bill each month, it?s a great tool for managing your expenses.?
While banks and credit unions are the traditional places to go for loans, peer-to-peer websites such as www.prosper.com and www.lendingcl?????. continues on LoanSafe
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Source: http://www.cardconsumers.com/news/2011/08/01/choosing-between-a-credit-card-or-personal-loan-2/
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