7 Money Lies (and 3 Truths) for the New Economy.
-Credit card companies enhance the credit limits on their own and they also charge an amount for enhancement .If you protest they reverse the entry.
Minimum balance payment is observed more in the breach.
Rate of interest calculation is so complex ,though it appears to be nominal, you will find it is phenomenally high.They say 2.5%, which means 30% p.a.
Best is not to use credit cards for imaginary convenience and you will pay dearly for it, especially if you default in repayments.They charge you if you remit cash towards your outstanding; it has to be paid by Check(in India) .
Do not let the Financial Advisors,they are agents who get a commission, to decide your plan for they will get you a plan that gives them maximum commission.
Ideal is to save 15% of your nett earnings-7% for immediate returns not exceeding 3 years balance 8% to be received by you by your 50th year.
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