GOOD debt vs. bad debt Edmonton Sun
07.04.10
More and more people are getting swallowed up by debt. I'm sure you've read and heard many of the statistics and stories in the news.
One of the keys to financial independence is to get rid of your bad debt and acquire good debt. Bad debt is debt that makes you poor, such as credit-card debt, car loans, school loans -- this is consumer debt.
Good debt is debt you acquire that actually works for you. Good debt is money that you borrow to purchase assets that put money in your pocket.
Here are 5 Steps to Eliminate your bad debt and acquire more good debt:
Step 1 -- Stop accumulating bad debt. Whatever you purchase via credit cards must be paid off in full at the end of each month. No exceptions.
Step 2 -- Make a list of all your consumer (bad) debts. This includes each credit card, car loans, school loans, and any other bad debts you have acquired.
Step 3 -- Refinance your mortgage to consolidate your high-interest debts. Chances are you've built up enough equity in your home to pay off your high-interest credit cards and consumer loans. Your mortgage advisor can help determine how much equity is available and how much you can save by increasing your mortgage balance to pay off bad debts at lower interest rates.
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When is the Best Time to Get a Car Loan in Edmonton?
You might be surprised to hear that a common question that our customers ask is about car loans and timing. While many of our customers come to us with a wealth of questions about the cars that we have on our lot, many are also just as interested in the financing opportunities we provide to help them afford those cars. Many customers have heard that there are better times to buy cars than others.
For example, we often hear from our customers that they have put off buying a car because they’ve been waiting for the end of the month – or even the end of the year – when, it’s said, dealers are willing to lower the price of the car in order to meet some quota. While this may be true of the selling philosophy for some dealerships, our dealership is different.
Instead of having specific times that we offer better car loan rates or lower car prices, we work hard to provide low prices and excellent car loan programs around the year so that our customers can get a great car no matter when they need it. After all, if you need a car, sometimes it’s not easy, or even possible, to wait until the end of the month or year.
Here are a few ways to find out when the best time to buy a car with a car loan is:
Need
Consider need when thinking about buying a car. How badly do you need the car? If you are on a tight budget and are trying to save money by not buying the car right away, can you really afford to put off buying the car while maintaining your lifestyle level? We offer competitive car loan programs and excellent financing opportunities on an ongoing basis to help ensure that all of our customers are able to get the best possible financial solutions to help them buy their cars – regardless of the time of year or month. After all – when you need a car, you need a car!
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