Credit Monster Part 2

Credit Monster Part 2
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  • So it is the stuff I own? 
  • 2.) Capital-The assets you have
  • Yes!!!!!
  • 3.)Conditions-Economy. This one you do not have much control over.
  • I had no money for a down payment, so that makes sense.
  • 4.)Collateral-Down Payment 
  • Never borrow 20 % of your annual net income. Never have a monthly payment more than 10% of your monthly income. 
  • 5.) Capacity-20/10 rule
  • WHAT!!!
  • If you were to pay the 26% APR on that $10,000 loan. You would pay $9,838 in interest if you paid it off in 6 years!
  • WOW!!!!
  • If had better credit and got a $10,000 loan with 11% APR. You would pay $3,704.54 in interest if you paid it off in 6 years!
  • That would be $6,133.46 saved if I had good credit!
  • Now you have to die because you did not get the bourbon!
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