There are many different offers in the credit market: customers can take out a consumer loan, open a credit card, or invest a share in a credit union to lend there in the future. But are they always necessary?
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The debt load also plays an important role in making a decision on the loan. Thus, it is recommended to keep the amount of payments on the loan at no more than 30-40% of the monthly family income. Otherwise, the cost of credit payments may be unsustainable.
Consumer loans can be targeted (when the bank gives a loan for a purpose clearly stated in the contract: to buy a car, household appliances, for medical treatment) and non-targeted (in which case the borrower has the right to spend the money at his discretion).
It is recommended to use small loans only in urgent cases: for example, when you urgently need money for medical treatment. If you need small appliances, it is better to use installment loans: this way the amount of overpayment will be minimal.