If you owned a home with a fireplace, would you prefer to have a fireplace log that is blue or green in color? While this is likely a very strange question, its one that may be worth pondering further to help understand how your personality and style could impact your overall financial goals and saving pattern. Sounds too strange to be true, well there is a correlation to choosing colors and your personality types, and we can draw some conclusions from the choices you make based on the color (blue versus green) that you choose. Whether it is with a fireplace insert log, or something else that is equally as abstract is a process you will need to internally review.
Blue versus Gree when choosing your style of fireplace insert logs
So what step do you need when moving forward to determine which color is best for you? Are you a fan of blue, green or perhaps orange? Whatever color you choose may tie into your overall goals and outlook and tell more about your unique personality. Colors can have a telling sign into your overall psyche and testing your personality type can help you better structure your goals.
Many lenders allow you to use a credit card to make payment for a car loan. However, you may be charged with a convenience fee for doing so. The reason why they charge convenience fee is that they want to offset the expenses for processing credit card payments. If there is a processing fee, you will have to calculate whether it is worth while for you to use your credit card to make payment.
You must remember that you will pay more interest fees when you use a credit card to pay your car loan. Now, you are not just paying interest for the car loan but also the interest of the credit card. The only turnaround to this problem is to settle your credit card debt in full every month.
Using a regular credit card to pay for the car loan allows you to earn cash back, miles or reward points. Credit card is unsecured while car loan is secured which means your car can risk getting repossessed if you default on payment. On the other hand, if you default on payment on the credit card, you will suffer from the consequence of a big drop in your credit score. Before resolving to use a card to pay your car loan, you should discuss with the lender about your financial situation. You can persuade the lender to waive payment for 1 month or more.
You may want to consider transferring the balance of your car loan to a balance transfer interest-free zero percent balance transfer card often feature 6 – 21 months of interest free intro period. Credit cards’ interest fee is usually higher than the car loan interest rate. This is why you should strive to pay off the entire debt before the expiry of the intro promo to avoid interest charges.
You should check with the credit card company about the balance transfer fee which is in the range of 3% – 5%. Ideally, you should only transfer up to 30% of the credit limit. Low credit utilization allows you to maintain a healthy credit score. Once you finish paying off the balance, you will be the owner of the car.
If you are lack of money to pay your car loan, you can withdraw cash advances from a credit card. You can then deposit the money into your bank account and make car payment in the usual manner, for example, direct transfer or check. The downside is that this method is costly as cash advance is known for their high interest fee charges.
It is important to always have an emergency savings set aside. In case you lose your job or a financial circumstance occur, you can use your savings to continue making payment so that your debt can be erased within a short time.