Stop borrowing money! This is the advice from all the good financial pundits.
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Clint Heyworth
Almost everybody at some time in their life will run short on money. In our credit-challenged times this translates into thinking, “I am short on money and cannot pay my debts.”
What are your options when you are low on money and cannot pay your creditors? You could wait for the creditor to contact you after you have not paid them. You could ignore the bills, phone calls, and possible visits from your creditors. You could contact your creditor before you are late.
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The Truth in Lending Act, abbreviated “TILA”, governs one big chunk of the “gosh how do I get someone else to give me their money and what will it cost me in the long run” question. TILA tells certain types of lenders how they must disclose what they charge you. The “what they charge you” component can be called any number of things, fees, interest, finance charge, points, just charges or even interest charges, but the bottom line is, if you borrow $100 from a lender and are required to pay it back, TILA requires the lender tell you the cost of obtaining credit- the price tag.
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