Need A Little More Cash Flow?
Do you ever have a need for a little more cash at your disposal? Opening a line of credit could be the answer to your question. Here are 3 reasons that may arise in your day-to-day happenings that your might need to open a line of credit:
1. Debt Consolidation
If credit card debt has become unmanageable due to life’s circumstances, a great way to relieve that pressure is to consolidate the debt and pay it off. A Line of Credit can be the answer to debt problems as long as the interest rate is lower than the credit card company’s. By paying off all your credit card debt with a Line of Credit, you save yourself time by paying only one payment a month. And you’ll have the ability to use it again after it’s paid off should the need be.
Taking a family on vacation can become rather costly, especially if plane tickets and amusement park admission is involved. If you haven’t been in a position to save up for the event, a Line of Credit could help in this situation. As you need to make payments to the travel agent or airline, you take what you need and pay only on what you use. So, if you take out the loan for $5,000 and only use $3,000, you pay only on the $3,000. And you’ve got the remainder of $2,000 you can use if something else comes up.
3. Purchases for the home
Is your home in need of small updates or new furniture? Sometimes a Line of Credit is a better option than opening a credit line at a home store because the interest rate could be lower. And if you get finished with one project and decide to do another, you’ve got the funds available in your Line of Credit. Remember, you pay on only what you borrow. The funds will be available until you close the account so you can use as much or as little as you want.
If you are facing any of these situations or have questions about opening a Line of Credit, don’t hesitate to contact one of our knowledgeable and helpful line of credit experts today.
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