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Wahine | Should i put it all on a credit card or get a loan? |
I'm getting married in August next year. I'm graduating this december. So i'll only start working in january. My fiance is working. We will need money for the wedding and for setting up our new home. Guessing wedding will hit ard 20k & i'll need the basic start ups 4 a home that is bed/washing machine/min kitchen stuff/ so if we stay simple n slowly buildup prob ard 6k for basics......getting the loan is not the issue...i just would like opinions on whether a loan or credit is better.
With a loan i gotta make fixed payments for yrs (hate the timeline) but with credit you pay as much as u can asap n if i understand right interest is on amt left to pay (am i right?). And i would prob pay off at least 1200/mth. So comparing interest on the loan and on credit...which would be better? Never owned a credit card so i'm lost at that.
Additional Details
I should add that if i pay more on the loan there's a penalty. for a 10k loan, interest can be up to 4k in total.
y a big wedding? this isn't a big wedding. This is normal...because of dowry/ exchanged gifts between partners & in my country parents don't usual help out coz they haven't got the money to help out.
i am not living in the U.S |
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flavar07
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Credit cards have high interest if you don't pay everything back within the time specified and the interest is on the amount owing. The other thing is that they are an open credit in that you could be tempted to use your credit card again and hence never pay back the debt. Some loans can have a lower interest rate depending on whether you take out a secured or unsecured loan. You have set payments on loans to make either weekly, fortnightly or monthly and can generally see your debt come down. You also don't have the problem of being tempted to draw down on available credit like a you would with a credit card. Still, the choice is yours to make. Congrats and good luck with the wedding. |
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Steve_Mcqean007
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WHY DO YOU WANT TO START YOUR LIFE TOGETHER IN DEBT?
WHY DO YOU WANT TO START YOUR LIFE TOGETHER IN DEBT?
WHY DO YOU WANT TO START YOUR LIFE TOGETHER IN DEBT?
WHY DO YOU WANT TO START YOUR LIFE TOGETHER IN DEBT?
WHY DO YOU WANT TO START YOUR LIFE TOGETHER IN DEBT?
WHY DO YOU WANT TO START YOUR LIFE TOGETHER IN DEBT?
Why are you doing this?
A wedding can be simple and inexpensive, Who are you trying to please here? Certainly not friends and family. if they love you they are there for the cerimony of unity and to share in that moment, even if all you have is sandwiches and soda!!!
FOOLISH IMMATURITY CAN RUIN A MARRIAGE!!!!
And you are one of those!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!...
Credit cards are for people who cannot use money correctly. They enslave you with inerest!
A loan is okay, but why?
Go into debt for the house not the wedding!!!!!!
When I got married we were both "Debt Free" and we have been happy ever since.
MAYBE YOU NEED TO GROW_UP SOME MORE BEFORE YOU GET MARRIED. IF YOU DO THIS TO YOUR FIANCE' AND YOURSELF, WHAT DECISION WILL YOU MAKE FOR YOUR CHILDREN?
BAD ONES, I'M SURE OF THAT
GOOD LUCK AND GOD BLESS |
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petey00petey
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get a loan....you can always pay more than the minimum |
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ball
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I would get the loan. Usually lower interst rate's and less hidden cost's. Besides you can pay ahead on a loan.
Usually once your in the credit card think your gonna get stuck in it. $2,000 credit card could turn out to be 5-6,000 before your done. Plus with a loan you know up front what your gonna have to pay.
Personely i wouldn't get a either for a wedding, maybe a very small loan for honey moon money or other last min. costs. Saving loan's an credit cards for options later in life. When you better understand thing's. |
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Jackie S
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I REALLY think you should reconsider spending that much on a wedding. The number one reason couples fight is over money issues and you don't want this to be hanging over you for the first several years of your lmarriage.
You've never owned a credit card....you probably won't get a very good rate and if you are late or miss a monthly payment, you'll be hit with penalties and they will raise your rate dramatically. Get a loan and pay extra each month so you can pay it off as soon as you can!
I don't understand why you think you have to pay the loan for years but the credit card can be paid off quickly.... Even if you get a loan, you can pay off early as long as there is not a penalty. I have a loan for a home remodel and I am paying it off a year early by paying a little extra each month. The rate is lower than my credit cards and because it is a home equity loan, I get to itemize the interest on my tax return. |
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wahi
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a credit card has a higher interest rate while the loan does not, also the loan amount can be preclosed and will still come out cheaper at probably a 2-3 % extra charges. the card companies can choke you with taxes. |
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joe
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I am a great believer in save and buy, I have never had a credit card, and now at a good old age I live in comfort and debt free, it may sound self righteous, but I shudder at the interest one repays, it is a nice feeling to purchase something, and not to have the hassle of paying later. |
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Ms J. Strange'
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That would depend on the rate and how quickly you can commit to those payments...I thought the brides parent helps pay for this???? Interesting! |
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Princess B2B 29/11/08
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prob a loan..not sure any credit card with give u a 20k credit card and u dont want 4 cards as intreset racks up. get a graduate loan with ur back..the apr is less. |
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steak
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You are absolutely correct, stay away from the fixed payments, also weigh which interest rate is lower |
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Sandy M
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give suzie orman show a call from the t.v.show its on late nite tonite..she can help you.. |
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