Considerations before Taking the Loan
Before taking a loan, of course, you have considered. There may be a consideration of the way payment, interest type or other considerations. There are several reasons people take debt, from which productive debt (good debt) to unproductive debt (bad debt). There are several versions that state about productive debt (good debt) and unproductive debt (bad debt). What do you think is productive debt (good debt)? An American financial consultant named Robert T. Kiyosaki has an opinion on productive debt (good debt) and unproductive debt (bad debt). According to Robert T. Kiyosaki, all debts paid by others are good debts. Second Consideration: Source of Debt Refund. If you need money to borrow, do not forget to find out about Licensed Licensed Money Lender Singapore Interest Rate because this is very important for you in terms of borrowing money.
This second consideration is the most forgotten thing when deciding to take debt or not. The source of the return of debt becomes a dizzying thing when a person has to pay the principal and interest debt. The solution is to think carefully how I will pay the principal repayments and interest on the debt. If the income is active, remember first if we already have the installment or not .. Try to make the installment payment and credit card debt maximum 30% of our active income. There are several types of debt distribution or debt characteristics, among others Based on Payment: single payment and installment. Examples of debts are generally repayment at once is a small amount of debt to a friend. Examples of debt paid by the installment program are vehicle debt, home ownership debt, accounts payable and others. Under the Warranty: debt with secured loan and debt without an unsecured loan. Based on debt interest is divided into 3 kinds of debt variable rate (effective rate), interest rate fixed (flat rate) and interest annuity.
By Maturity, the debt can be divided into short-term debt (long-term loan) and long-term loan (long term loan). Short-term debt usually has a maturity of less than 1 year, for example, credit card debt. Long-term debt is debt that has a maturity period of more than 1 year, for example, the debt of home ownership.