Never pay only in cash when traveling
Having cash with you is an efficient method to avoid running up credit card bills. According to said Cathy Curtis, a financial advisor, traveler’s checks or credit cards are better alternatives. One of the reasons for her suggestion is that it’s easier for thieves to steal all your money if it’s in cash. This happens quite often in certain touristic places. You might also be interested in Lost or Stolen Wallet? Here’s What You Should Do ASAP.
Never trust ‘special’ finance deals
If something sounds too good to be true, it probably is. This is also valid for financial deals that promise zero or low-interest rates on big purchases. These are most of the time just enticing offers for which you end up paying more than you’ve bargained for. Grayson Bell of personal finance website Debt Roundup ended up in a similar situation.
“Don’t finance a new vehicle, or watercraft in my case, based on the low promotional monthly payment,” he said. “I financed a new $10,000 Jet Ski with no money down and no real way to pay for it based on a radio ad promoting a super low $69 per month payment. What I didn’t read was the rate was only for two years, then it changes to include retroactive interest based on the loan amount.”
“Those financing deals can ruin you if you’re only looking at the monthly payment,” he added. “Go through the math and read all of the fine print. They get you in with the low monthly payments, but keep you paying for much longer than you anticipated.”
