Gadgets, your credit, and personal loans ~ GAMES AND GADGETS

Tech news, gadget reviews and how-tos on just about anything and everything.

Thursday, August 14, 2008

Gadgets, your credit, and personal loans

Now let's face it, there are just some people who are addicted in buying the latest gadgets. To some, it's like a video game addiction, smoking, or gambling. Harmless but could take a toll on your credit specially if you don't have the means to sustain your lifestyle and you rely on your credit card so that you can buy all your gadgets.

Now here's a tip which I've been using to save on my addiction to gadgets. Some retailers offer financing terms when buying a gadget, they offer you an installment term payable via your credit card. Now interests are of course higher and if you compute your total payments during the installment period, it always exceeds the regular price of the gadget. What I do is I apply for a Personal Loan so and pay it using the same terms, say 12 months, but my interest is lower, specially if I have good credit. The problem arises when you have bad credit. Now while there are companies offering Bad Credit Personal Loans such as, you will of course be charged with a higher interest.

The solution? Place your gadget addiction in the backseat for the meantime until you fix your credit.

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