With the evolution of credit and debit cards, one would wonder why one take so long to ascend to riches. The two items allow one to spend some money you don’t have at the moment, what one needs is to have a clear source of income. In most cases the credit card comes with a charge varying from the institution that issues them.

According to experts, purchasing goods using the cards is no strange, “when you shop with a card, the transaction is no different from the normal trend” the only slight difference is that liquid cash is not used. The idea is set to tame incidences of theft which is rampant when one carries cash, ‘in any case your card get lost you only need to report to the relevant authorities” appropriate action taken will render the card unusable.

However every coin has two sides, just like loans, credit or debit cards if used carelessly can only lead one to abject poverty. Research reveals that people tend to spend a lot of money when buying on credit than on cash, this could just be a recipe of bankruptcy.

When accepting either loan or a credit/debit card for expansion purposes it is important to read the details to the dot, remember “the devil lies in the details”

In the recent past, financial institutions have made loan acquisition much cheaper, contrary to the past, they have nagging staff who literally hawk loans. The only requirement is may be and most probably a clear source of income. It is advisable for payday loan applicants to check the finer details like yearly percentage rate, grace period, transaction fees and total payment.

Others include, the schedule of payments, the mode of computing balances for purchase and in case of either a debit or a credit card observe the annual fee charged.

In some conditions, banks may include charges like processing fee. The fee in the finance charge section in most cases is additional to the interest charged on the life span of the loan.

According to some financial institutions, the annual percentage rate charged on a yearly basis up to the end of the loan may go up contrary to the pact, the argument is that the number caters for expenses like, discount points, origination fees and the interest on loans. “It is advisable for an individual to get such information in advance so as to compare on what other banks offer”. It is important to check if the payments made will exceed the principal amount borrowed.