When you need to borrow money for a big ticket item, say like a new kitchen etc, you might consider a credit card or a personal loan. Credit cards are ideal for short-term expenses that you can pay off in a month, while personal loans are best used for long-term expenses, financing a big purchase or consolidating multiple debts.

Banks today give out credit cards with fairly substantial limits – having say a $15,000 limit might sound great, but it could have dire consequences.  And even if you don’t use it, it’s still considered a liability by any potential lender especially when looking at home purchases.

A personal loan is a far better option than a credit card or store type card for major items that add value to your life, i.e. a car, home renovation and the like.  Many people who finance these sorts of assets with credit or store cards soon regret their decision.

Be smart with your big ticket purchases, get a personal loan from Loansmart at a great rate – and this way you’ll actually pay it off.  A credit card can linger around for many years after the value in the item has long worn off.

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