Deferred payments and how you can use them to your advantage.

Credit cards when used properly is a very useful tool in the family finances as you go about buying things for your family as the months and years roll by. There are times when we pass by that appliances store that we get to salivate over that new television or that new gadget out on display.

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What you need to do is ask about the item you want to purchase and think twice then ask if it is available in deferred payment scheme. Deferred payment is on instalment basis but with 0% interest rate and it is like buying it in cash plus you need not pay right away on the very first month after acquiring that new gadget or appliance.


One advantage of this deferred payment scheme is that you still have, say three months, time to save up for buffer funds for you not to default on payment for your purchase. Say, for example, that you purchased an item that gave you 3,000 pesos as your monthly payment, then on the three months before you begin payment you can now save at least 9,000 pesos to get ready for when payment commences.


When your credit card provider would start billing you for the monthly payments, make sure that you pay the exact amount to be paid and not just the minimum payment required. This is where most people who have access to credit fall into a trap. A trap which is a vicious cycle one cannot easily get out of. Before you go and get trapped in that hole remember to pay the exact amount needed so as not to accrue interests on your account which as everyone knows would add up to your next statement of account.


By sticking to the schedule of paying for the monthly instalment (with always available and ready funds, since you have already prepared for it in advance) of the deferred payment scheme on that gadget you purchased, you would not experience headaches brought about by financial difficulties.

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Motrojam here and glad to share my tips with you. Stay tuned for more.

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