Understanding consumer credit
Consumer credit can be a sensible solution or an expensive mistake. Before you sign, make sure you understand the effective annual interest rate, the total cost and the repayment period.
You will need
- Credit offer
- Budget
Steps
Work out the need
Think about whether the purchase is essential and whether you could save up for it.
Read the effective annual interest rate
Calculate the total cost
Compare offers
Check the terms
Note the right of withdrawal
Make sure you can pay
Avoid a debt spiral
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