USDA Lender Watch Out for Debt Trap

Marina Financing

As soon as your are employed and start earning a steady income, you will be targeted by the credit card companies and banks with loads of offers for loans and credit cards through calls, emails as well as posts.It is quite possible that you will be tempted to avail all types of loans and subscribe to credit cards. Before they even realize they would have become addicts to spending on credit and find themselves victims of debt trap.

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Those who are wise know how to plan their finances and avoid getting into such debt traps. Watch out to ensure you spend only on the bare necessities and avoid expenditure that fuel your wants and desires.At the end of the day you are going to have to spend money from your pocket. The credit card companies and banks that loan huge amounts to you are not there for charity but to make money on charging high rate of interest. They exist to make money out of the opportunity of playing on your sentiments or indiscipline.

We also recognize the fact that loans are the order of the day and there is no way one can avoid them.But you have got to approach loans very cautiously. First and foremost it is important to inculcate the habit of buying things only against your needs and avoid spending on wants. It is always safer to limit your borrowings to a home loan and a vehicle loan.

On personal front you should always limit your liabilities and exposure to loans, but the yard stick for your professional needs is different. Normally every business whether big or small can be managed only with commercial borrowings from the banks and financial institutions. In fact businesses require huge investments at different times of business cycle.It would not be possible for any promoter to grow his business and continue to make investments only from his personal assets. Therefore business firms depend upon commercial loans from banks and other financial institutions for their existence and operations.

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Banks lend money to business firms and fund them to acquire plant and machinery and other physical assets required to operate the business. This is normally known as Term loan or Hypothecation Loan. The assets in such cases are hypothecated to the bank until the entire principle amount and interest outstanding is paid off by the business.

Businesses also require continuous inflow of working capital to run the business and buy raw material inventory, pay wages etc. Banks provide working capital loans to the business firms in order to meet these requirements. Such borrowing is called Cash Credit Account or Over Draft account in banking terminology.Depending upon the value of raw materials and WIP maintained the bank allows the business firm to withdraw funds up to a fixed limit.

Every business be it a small scale enterprise or a home based business run by an individual, a loan from the bank is a necessity.It helps you to attend or take up some course and learn all about financial management before you kick start your project.

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