KUALA LUMPUR, April 8 (Bernama) -- The FTSE Bursa Malaysia KLCI (FBM KLCI) erased earlier gains to close marginally lower on Tuesday as mild bargain hunting activities were offset by cautious mode over ongoing global uncertainties. At 5 pm, the benchmark index slipped 0.24 of-a-point, or 0.02 per cent, to 1,443.56 from yesterday’s close of 1,443.80. The benchmark index opened 7.63 points firmer at 1,451.43 and climbed to as high as 1,454.58 in early trade before retreating to a low of 1,440.89 towards the end of the morning trading session. It then moved in a yo-yo mode during the afternoon session. In contrast, the broader market was positive with gainers outpacing decliners 669 to 367, while 419 counters were unchanged, 894 counters untraded, and nine others suspended. Turnover dwindled to 3.32 billion units valued at RM2.83 billion against 5.35 billion units valued at RM4.67 billion on Monday.
My first two posts, Credit Card - Friend or Foe (Part 1) and Credit Card - Friend or Foe (Part 2) on credit card were slightly bias towards the pros of using credit card rather than the cons of doing so. While I can think of the many pros of using credit card, not every one can fully utilized the benefit of swiping this plastic without ever getting deeper into the pit of debt.
Credit card debt is one of the most feared debt as the interest charged by the financial institution is high, I'm not sure other countries, but in Malaysia the interest charged on credit card normal retail usage are range from 15% (up from previous 13%) to 18% per annum and the amount is accumulated until you fully paid off.
Aside from the high interest rate, there are quite a lot of hidden charges or so call penalty for not paying the credit card on time, or in full amount. There is a grace period of 20 days interest free after the statement closed for the previous month, but still there are a number of people who ignore it and finally pay the price of being ignorance.
See from the above examples, we can easily identify two cons of swiping this plastic money. There are more of the cons, but I will leave it on another post. As it stands, credit card can be friend, and at the same time it can turn against us. Use it wisely, you will find that there are more benefit in swiping credit cards.
Credit card debt is one of the most feared debt as the interest charged by the financial institution is high, I'm not sure other countries, but in Malaysia the interest charged on credit card normal retail usage are range from 15% (up from previous 13%) to 18% per annum and the amount is accumulated until you fully paid off.
Aside from the high interest rate, there are quite a lot of hidden charges or so call penalty for not paying the credit card on time, or in full amount. There is a grace period of 20 days interest free after the statement closed for the previous month, but still there are a number of people who ignore it and finally pay the price of being ignorance.
See from the above examples, we can easily identify two cons of swiping this plastic money. There are more of the cons, but I will leave it on another post. As it stands, credit card can be friend, and at the same time it can turn against us. Use it wisely, you will find that there are more benefit in swiping credit cards.
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