Borrowing money, costs money

'Borrowing money costs money' is a phrase that providers of financial products are obliged to state when, for example, they advertise their products. This is mandatory by the government to make it clear to consumers that borrowing money or taking out a mortgage entails costs, about which you should be well informed. We generally know that borrowing money costs money, of course, but when an attractive offer occurs, it turns out to be necessary to let us know again. In this way, consumers can often be protected from an expensive loan or an expense that they actually cannot afford.

Installment purchase

We often encounter the slogan 'borrowing money costs money' in advertisements for products that we can purchase on installment. For example, it is very interesting to drive a car and only pay for it after a certain period of time. However, manufacturers must now include the phrase 'borrowing money costs money' to indicate that this deferred payment is of course based on the fact that you are actually taking out a loan for the amount that you would otherwise have had to pay directly.

Calculate the costs yourself

When you see 'borrowing money costs money', it is generally not immediately clear what that costs. To find out, it is important to do your own research. In any case, you will not be faced with unpleasant surprises and know what it will cost you when you buy something on payment. In addition, 'borrowing money costs money' is often shown with loans that you can take out, where the conditions seem very attractive at first sight.

Good products

Despite the fact that providers of various products must display 'borrowing money costs money', there are of course still all kinds of interesting services and products to be found. It is therefore not said that the manufacturer is trying to trick you, they are just trying to remind you that it is important to look closely at the costs you will incur, also in the longer term. . So you can best see 'borrowing money costs money' as a warning, which makes it interesting to take a good look at the costs and compare them with the benefits.


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