3 Tricks Lenders Use to Take Your Money

Tricks Lenders Use to Take Your Money

There’s something you need to know. Something that will help you shift your mindset from consumerism to frugalism, and help stop you from getting tricked in financial matters. Lenders are there for one reason and one reason only: to make money off of you.  And there are a lot of tricks lenders use to take your money.

The Truth About Lenders

Lenders, and almost all companies and service providers who partner with them to sell products, don’t really care about your long-term financial health. Let’s take a closer look at 3 tricks lenders use to take your money to drive home our point.

1. How Much Can You Afford a Month?

First, let’s look at the car scenario we used above. Let’s say you go to buy a car. You’re budget (what you can actually afford) is for a car around $15,000, so you go in looking for something in that range.

2. Bad Credit, No Credit, No Problem!

Bad credit, no credit, no problem! We make it work! They should have a footnote that says, “we make it work…for us!” Remember, lenders are in it for themselves, NOT YOU. Yet another trick lenders use to take your money, and you see ads for it all the time.

3. 12-Months No Interest Financing

12 months no interest? If it’s not paid off in full over that time they will charge you for the full 12 months of interest that was supposedly “free.” But there’s a trick there too. Lenders won’t tell you what you need to pay per month to pay the item off by the time the introductory offer period ends. 

Moral of the Story

Lenders are not your friends. Salespeople are not your friends No matter what they say or how they make you feel, they only care about making a sale. They are after your money, and many will use every little financial trick to get it.

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