Welcome to Universal Wealth Creation.com

This site have been developed as a resource for people

searching for the best ways to create wealth and increase the

quality of their lives. Inside you will find reviews of the latest

Investment strategies available.

Wealth Creation

Home Page

FINANCE SITES

AFR
AFR BOSS

AFR Photos

Asset

BRW

CFO

Fairfax Photos

Fairfax Research

Leverage

MIS

MoneyManager

Personal Investor

Shares

Tradingroom

Business & Finance Articles

Beware the Shopping Mall Monster
By: Colin Mc Caig

Like me, you’ve probably been offered a fair old number of these by now...

..and, if you’re like most people, chances are you maybe own at least one or two.

They always seem to put in an appearance at just the right (or wrong) moment...

It might be Saturday and you've just seen the clothing item of your dreams.

That can be a pain, though, if this month’s paycheck isn’t due for another week.

You're undecided.

Until, that is, you're offered...

..a store card.

One of the horrible ironies about store cards is that the vast majority of people who sign up for one actually had no intention of making a purchase before they left the house.

But if you’re caught in the above situation, the convenience factor frequently wins the day, doesn’t it? Add on top of this all the little goodies thrown in as a sweetener...

An introductory discount on goods – typically around the 10% mark – extra money off during sales periods etc...

But let me tell you what the sales assistant probably won’t...

For starters, did you know that many department stores will currently charge you anything up to 30% interest on that little card they offer you? (yes, even those ones with the pretty pictures.) That’s around double the interest of your standard credit card!

Sound scandalous?

Well, hang around... it gets a lot worse!

Here are just a few of the pitfalls you should look out for the next time you’re offered a store card...

-Buy now, pay within the next three months. Sure...great deal if you do actually manage to pay it off within that time. If not, some stores will charge you interest from the first day you bought!

-Ask questions: In a recent study, it was found that in one third of cases, information on the interest rate on the card (among other things) was not freely available.

-Don’t be tempted to take out expensive and often useless insurance. This can be a monthly amount of 1.5%. With interest repayments of 30%, you could end up with an annual rate of 56%!

-Also, steer clear of any payment protection insurance scheme. If you were to lose your job or couldn’t work due to illness or accident, you’ll find that this ‘insurance’ generally only pays the minimum monthly payment, not the whole balance!

-Be on your guard. Staff will usually ask you to fill in the application form in store. In many cases the insurance box will already have been ticked and you will simply be asked to sign up for insurance.

-Study the terms and conditions carefully in the store. Staff have been known to refuse customers to take away the form.

Probably the worst thing about store cards is that it’s very easy to build up an array of them so that, before you know it, there seems to be more of them in your wallet than there are coat hangars in your wardrobe.

And in what seems like no time at all...

.. you’ve just spent way, way beyond your means!

If you feel you must buy on credit why not use a credit card with a low or even 0% rate? After all, if you’re going to have debts, you may as well make them cheap ones!

A store card might seem handy and convenient but they generally come with a horrendous hidden cost.

So next time you’re a tempted to take on another piece of plastic, make sure you get all the facts up front.

Your bank balance might just thank you for it.

About the author:
Colin Mc Caig is dedicated to helping others become debt free and start their own home-based business. Get his free 6-part mini-course. Learn the powerful secrets to becoming debt-free using only the money you have today. Send a blank email to: colindebtfre@demandmail.com

Please click here for more articles about shopping.

Circulated by Article Emporium

http://www.universalwealthcreation.com Wealth Creation | Financial Wealth

Copying or republishing this article is permitted with this footer included

Collect a Free 260 page ebook here: Universal Wealth Earn up to $1,000 per referral: Wealth Creation Affiliate

These property, finance, stock market & business articles have been supplied in the interest of Universal Wealth Creations visitors who want to expand their knowledge in the wealth creation & investment fields. All the business, finance, stock market & business articles have not been read as they are submitted remotely, so if you find any questionable facts in here or simply do not like it, please email webmaster@universalwealthcreation.com and we will review the material. As we find time to do so, we will go through all articles and remove any that appear not suitable. Other sites we recommend here at Universal Wealth Creation are: 21st Century Academy with Jamie McIntyre, Investor Finance, Universal Trading Solutions which promotes great wealth creators like: Kim Reilly, Simon Martin, Justin Beeton, Louise Bedford, John Kaye, Daniel Kertcher & more. They run great seminars across the country. At times we will publish dates for these seminars as they are made available around the counrty. Meanwhile, there is a great opportunity to learn about the finance, stock market & property investment field through reading these kind of articles. Learn about share trading, options, futures, CFD's, derivatives, warrants, indices & more in the stock market. You will also learn plenty about business, finance & property investing through authors opinions in the marketplace. Enjoy your journey towards financial freedom. We hope you will enjoy your visit.

Regards Sean Rasmussen - Universal Wealth Creation Pty Ltd

Site Map

Return to Index
Return To Universal Wealth Creation Home Page

Business & Finance articles