Weddings are clearly one of the biggest days in the life of individuals. The journey of holy matrimony includes the customary exchange of vows and rings. And while marriages are truly the coming together of individuals in a union that is expected to last forever, the ring is not only of symbolic value but is priceless. It is, therefore, necessary to pick a good wedding ring rather than settle for one that does not look good or appealing enough. With a lot of emotional investment and commitment going into a marriage, it is essential to also put in the right kind of investment into a wedding ring.
How To Finance A Ring If Savings Are Not Sufficient?
This the period where most of the earnings are spent on experiences with relatively lesser money spent on possessions. Hence it is possible that sufficient savings may not be available for purchasing a wedding ring. It is also possible that a few late repayments may have left you with a bad credit rating. For something as important as your wedding you may then find it necessary to look for options. It is now possible to avail a loan to finance wedding ring with bad credit. Yes. Loans are available online that give individuals the options of availing finance for purchasing a wedding ring. Here are practical tips that you need to consider when you avail one.
The Perils Of Using APR Credit
While it may appear to be a good option, APR credit will push you into a tough situation. Many jewelry stores offer to finance through APR credit, and the offer may appear too good to be true. If you were to look deeply into it, you will realize that the credit that is extended will more or less fully use up the credit line, and till such time that you clear the outstanding amount, you will remain in debt and you will not be in a position to use the credit for any other need. And nothing is free – on other words, the interest-free credit that is extended is only for a limited period to promote the product. This means that if you fail to repay the loan amount within the interest-free period, you will end up paying interest for the full period.
Choose The Right Kind Of Rings That Meet Your Needs Without Putting You In A Debt Trap
While it is essential to choose a ring that is appealing, it is also important to choose a ring that is not very expensive. Choose a ring that is good enough and expensive enough, but too expensive to be beyond your repaying capacity. Never fall into a debt trap assuming that times will be better. Whenever you avail a loan, the repayment needs to be calculated on the basis of your present earnings and not on the basis of expected future earnings. If you indeed happen to earn a lot more in the future, you can use the extra earnings to repay the loan faster.
