Are you familiar with that plea some children make in an attempt to get what they want based on the behavior of their peers: 聯But everybody聮s doing it? Should you Cheap Mario Chalmers Jersey , as a business founder or one who wants to be, use credit cards, just because a majority of your peers are using them? Ironically, the answer may lie in the same type of parental analysis that might be applied to a child聮s situation. Are you mature enough to handle the freedoms and responsibilities that are associated with the behavior? Do you know what you are getting into?
Have you checked your credit card statements and account terms lately, and read the fine print? What those disclosures say Cheap Luol Deng Jersey , once they are translated into non-legalese, is that if you use the credit card account, you both understand and agree to the terms. Have you noticed default interest rates (if you miss making even a single payment on time) in excess of 30 percent? These default rates are not all that dissimilar to those of loan sharks, especially in light of the fact that they have emerged during a period of record lows relative to interest rates set by the Fed and corresponding prime interest rates (the most favorable rates granted to financially substantial commercial borrowers). Are you aware that bankruptcy laws have radically changed, and that it is not nearly as easy to walk away from credit card debt as it used to be?
Do you realize that complaints about credit cards have been ranked among the top four consumer complaint categories based on data from state and local consumer protection agencies (just behind automobile repairs and home improvement)? Have you used your favorite search engine and combined various words and phrases such as 聯credit cards Cheap Josh McRoberts Jersey ,?聯consumer complaints,?and 聯hate? (Be prepared to wade through millions of hits.) It does not take much perusing to come across stories of woe written by consumers who have been tricked and trapped by credit card companies. You need to understand that some banks are engaging in predatory lending practices.
There are stories being told by people who signed up for a low rate for the 聯life of the balance?only to later receive a notice that in the fine print it was disclosed that the bank could change this rate based on factors such as credit ratings (and other criteria, at the sole whim of the institution). Many banks have sent these notices although their customers have not even missed a payment, which is clearly egregious. You聮ll note that these are not 聯shady, off-the-wall?banks relative to the names that you will see mentioned聴these are brand name banks engaging in shady business practices.
The banking industry constitutes a powerful lobbying force Cheap Chris Bosh Jersey , which exercises considerable influence with lawmakers. History聮s 聯haves?have always enslaved the 聯have nots,?economically, if not literally. Do not count on any help from your elected officials whose names appeared on ballots in the first place due to political contributions from the industry. According to an article in the Washington Post (Jim VandeHei, March 27, 2005; Page A01): 聯Credit card and banking companies Cheap Dion Waiters Jersey , who are leading the lobbying effort, were top financers of Bush聮s two campaigns. MBNA, Credit Suisse First Boston LLC, Bank of America Corp. and Wachovia Corp. were among the top 20 contributors to Bush.? (Shortly thereafter, sweeping changes to bankruptcy laws Cheap Kelly Olynyk Jersey , favoring credit card companies and the banking industry, as referenced above, were passed by arguably, the banking industry聮s, and not 聯your Cheap Tyler Johnson Jersey ,?legislature.
If You Must Use Credit Cards, Practice 聯Safe Swiping?i>
If you do decide to use credit cards to start your business (or as a consumer in general), you must find ways to protect yourself from the risks involved. Practice 聯safe swiping?every time you slide that credit card of yours through a card reader and charge on your account. This is no different than safe sex, or anything else that might put you and your well-being at risk. It helps to establish certain rules to go by.
Rule number one: Don聮t be in a hurry to start a business if you do not have the resources to do so in the first place. If everyone you talk to is skittish about your idea, you really need to question its viability in the first place. Turn over every rock looking for alternatives. Finding a backer Cheap Goran Dragic Jersey , such as a supplier who wants you to succeed, or finding a customer who commits to purchasing and advances the money up front, would represent two such alternatives. Save money in your personal piggy bank and accumulate resources. Start out with a revenue source from some activity that feeds into a longer-term vision. For example, develop a part-time business into a full-time business over a period of time. Think small and manageable. Think of planting tiny seeds, and nurturing growth until it聮s time to harvest.
Rule number two: Ask yourself how you are going to pay back what you borrow聴collateralize your own loan if at all possible. Be willing to sell something such as a nicer car that you own for a more modest one Cheap Wayne Ellington Jersey , for instance. Be willing to sell all of your 聯stuff,?to the extent that is necessary to raise funds (preferably up front, prior to starting your business; if you sell when you are desperate and strapped for cash, you will be at a unique psychological disadvantage).
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