Cosmetic Surgery Financing : Is It Wise?
Cosmetic surgery financing is becoming a common occurrence, but is it a wise one? A lot of people who want to change their appearance cannot afford the upfront costs of doing so. Cosmetic surgery financing is a fast growing option that gives people the choice of having the cosmetic surgery that they want.
At first thought, cosmetic surgery financing is very appealing. However, you have to read all of the details, and sometimes between the lines, regarding the responsibilities attached to cosmetic surgery financing. Cosmetic surgery financing is an expensive undertaking. It will end up costing you more than the actual cost of a procedure had you paid for it out of pocket.
For example, financing a cosmetic surgical procedure through a company such as Medicard could cost you double the “real” cost. It is anything but cost-effective, and not a smart thing to do. Furthermore, if for whatever reason you miss a loan payment it will lower your credit rating.
Poor Credit Rating
You don’t want to bottom-out your credit rating but adding non-payment notices regarding cosmetic surgery financing to an already existing poor credit rating. Taking out cosmetic surgery financing is not really advisable if you have a poor credit rating, but if you meet your payment loans on time you should be fine.
Whatever your decision regarding cosmetic surgery financing, there are certain details that you must familiarize yourself with.
Home and/or car loans are secured loans. Plastic surgery financing is an unsecured personal loan. Don’t lose sight of this fact. An unsecured personal loan holds no collateral backing for you. If an applicant is unable to meet their loan payments, there is no recourse and nothing to be repossessed for the loan.
With any cosmetic plastic surgery, especially one of the expensive procedures, you have to be earning enough money to budget yourself for the entire loan period of your financing commitment.
Take your time, know the details of your loan, know that you can meet the loan requirements, and you will be fine. If you can afford the cosmetic surgical procedure you want, it is much more advisable to pay for it out of your pocket. Cosmetic surgery financing is an advantage if you cannot afford the surgery, but it is not wise to take out if you can otherwise avoid it.