Revelations helping EU make better laws to protect privacy

Whether it is politics, trade, or finances you cannot make the best decisions without all the information.

09:44 09 July 2013

The news has been full of the Snowden’s revelations and the infringement on the privacy of the public sector. The EU Justice Commissioner Viviane Reding has insinuated that the trade agreement with the US should not be concluded without a full explanation of the violation of everyone’s right to privacy, saying that she does not believe the claims of ensuring national security are believable. It is a wise decision with a trade agreement in the works, and she likely wants to ensure that everyone makes the best decision, which can only be done when all the information is present.

Likewise, in our personal finances we are always wondering if we are making the best decisions, such as with our loans. There are so many things to consider when shopping around:

• The main concern—the many people the main factor they are concerned with when shopping around for loans is the interest rate. This is very important and can give you an idea of how much extra you will actually be paying for something. As a general rule, the lower the interest rate the less you’ll pay both monthly and over the life of your loan.

 

• Repayment terms—this is another factor that concerns people a great deal about loans. Sometimes even with a great interest rate, the repayment terms may not make the loan affordable. You may end up with a higher interest rate so that you can get repayment term lengths that work better for you.

 

• Financial options—with the economy still struggling here and there, it is important to know what your options are if you encounter financial difficulties but still have to repay loans. Finding out the full range of options can help you avoid a repossession on an investment like a home or vehicle.

 

• Open to change—the decisions continue after you receive loans because you want to monitor the industry continually for lower rates.