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How Personal loan fare better compared to Credit Cards

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Empower yourself, not Impoverish ! A credit card or a personal loan could be right for you in any sudden financial need as they both provide the money you need fairly quickly. But Unfortunately, choosing between a credit card and a personal loan should be a thinker. Each has their own pros and cons like, credit cards are usually better for short-term requirements while a personal loan is ideal for people who need more time to repay. The article tries to address your typical concern of most customers with regards to consequences of converting your Credit Card balance into EMIs with the Credit card company. WHY NOT CREDIT CARDS? Credit cards provide a convenient form of payment for your arbitrary purchases, whether it is at a store or an online buy. The downside is, using a credit card for regular purchases and neglecting to pay your balance in full can result in huge interest charges that might accumulate over time and leave you with huge debt. The reason this happens ...
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Breaking Bad : How to liberate yourself from a potential Debt trap

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Falling in a Debt trap is often a slow and gradual slide that can become more and more dangerous as it goes unnoticed till the person is neck-deep in debt and out of options. As a young and aspiring country, most people are looking for meeting their needs, and at times needs which are beyond their available means. Debt comes as a means to meet such needs, however borrowing beyond having a plan/an idea of paying back such future liabilities may end up creating stressful life. This article is a small step towards addressing most common questions on how a trap gets created and how it can be avoided or addressed. Here are some stereotype causes which can lead you into a Debt Trap : 1. Payday Loans Payday loan seekers are more likely to be people with little-to-no financial literacy, and most vulnerable to fall into this trap. PayDay Loans are Ultra short duration loans (ranging from 7 days to 30 days), which are designed to meet your consumption needs that you can not mee...
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A 2-Minute Guide to Personal Loans

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In this short article we try to address the What, When, Why, Which of Personal Loan queries that you may have. When should I avail of a Personal Loan ? Consumption Needs: Purchase of Gadgets, Family Events (like marriage, birthday functions, etc), medical emergencies, travel, etc Short Term Investment Needs: School fees, Tuition fees, Upskilling course programs, Professional Degree/Diploma programs, Home Renovation, Own Contribution for Home Purchase, etc. Mystro personal loans are customized to meet such varied needs of customers. Please read our article on : 1. Pitfalls of availing Personal Loans? 2. Breaking the Debt trap on account of excess usage of Personal Loans? Why not Credit Cards instead of Personal Loans?  Credit Cards are meant for fulfilling impulse purchase at a retail store.  The Credit period offered is a maximum of 30 days. Credit Cards can offer you to break your bill amount into EMIs, however, you may pay exorbitant ...
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