Information 1:
In the future, banks will give
personal loans, based on your credit card transactions and nothing else. Credit
card transaction statement is a far better proof of your ability to pay, than
your Income Tax records or your Networth statement. The financial integrity of
the person can be easily judged, by taking a closer look at the 3 years record
of your credit card statement. This is what is happening in advanced countries
like USA and Europe. Therefore it is wise to have a credit card and
try to pay most of our bills by credit card and also to settle the credit card
bills promptly. When you settle your credit card bills promptly, it talks good
about your financial discipline and also your credibility. Today the criteria for lending loans, by banks
or money lendors, is not just based on your capacity to pay, but also about
your willingness to pay.
Information 2:
Take a insurance to the extent of
the loans you have. For example, you have a loan of Rs.20 lakhs, for yourself
or your own business, then we should have a insurance policy to the extent of
the same amount, so that in the unfortunate event of our death, our children do
not have to face the beating. This means, your family does not have to dispose
any asset in order to clear your loan. Your family does not have to face the
liability of the loan. If there is a insurance cover, the insurance will take
care of your debts and the loan will not affect the existing life standard of
your family. We strive hard for their well being and we certainly do not want
them to be in trouble at any point of time. The next important thing is, this
also gives you the freedom to play the business game without big hesitations.
I think the strength of the
positive side of life depends upon our preparedness for the negative things.
Happy Reading,
D. Senthil Kannan
