The Consumer Portfolio Services Dilemma
With the recent economic downturn, many people are turning to consumer portfolio services as a way of managing their financial situation. This service comes with some pros and cons as well.
Consumer Portfolio Services is a good way to manage your money and budget it out without going broke. You can set up a payment plan that works best for you, as well as decide how much of each purchase goes towards what category. What this essentially does is give you more control over where your money goes instead of allowing the credit card companies make those decisions for you with interest rates and fees. Using consumer portfolio services also means not having to pay any service or convenience fee which can go along with paying by check or cash at places like gas stations, grocery stores, etc… In addition, if there are problems then they will be dealt with quickly because customer support representatives work 24 hours a day every single day of the year!
There are some downsides to consumer portfolio services. For example, you will have to pay a monthly or annual fee for this service which might be more than the interest rates that credit card companies charge. On top of that there is also an application fee and possibly other fees as well. Consumer Portfolio Services may not work out so great if your financial situation makes it hard for you to stick with your budget plan each month because sometimes unexpected expenses come up which can cause problems in making payments on time every month.
In the end, the pros and cons of consumer portfolio services depend on your specific situation. Whether or not this is a good idea for you really comes down to whether or not you have the ability to stick with a budget plan, keep track of where all your money goes each month so that it can be paid off in time every single month, and pay any fees associated with service use.