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Personal Financial Planning, Fourth Edition by Wai Mun Fong, Benedict Koh

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5. Credit Management

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Introduction

Most individuals need to borrow money at some point in their lives. They borrow when their savings are insufficient to pay for purchases of big-ticket items such as a house or a car. Individuals also borrow when they face cash-flow problems resulting from a financial crisis, serious illness or retrenchment. The loan is used to tide them over a period in their lives where they have no regular income. Others borrow in order to invest in assets such as property, stocks or bonds.

Principles of Good Credit Management

When you borrow money from financial institutions, you will be charged interest on your loan. The interest ...

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