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How to reduce your debts
The Times Online has some advice for how to reduce your debts (www.timesonline.co.uk). In summary they suggest:-
Prioritise your debts first to identify those which are most urgent/important (e.g. Mortgage)
Decide strategy – do you want to clear off smallest or largest debts first (or cheapest v most expensive)
Draw up a budget to determine how much cash you can spare for payments
Look for ways to earn extra in order to boost payments to clear debt quicker (the times online offers examples including selling your old mobile phone and renting out your drive!)
Consider the merits of using any savings to reduce debt (only if the relative interest relationship proves positive)
Snowballing – this involves making the minimum payments on your debts but using any extra cash to pay off one of them. Then focus on the second debt, using the same extra cash, plus the money that you were using to make the minimum payment on the first debt.
Consider debt consolidation so that all your debts are contained in one larger personal loan – but look carefully at the economies and longer term implications
Personal debt is now almost the norm – the average UK adult owes around £30,000 (including mortgages). But if debt is a major problem talk to your lender. You may also find a debt charity helpful.
November 29, 2008 at 12:56 pm | personal loan | No comment
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I want it, and I want it now!
Very few of us save up over a lengthy period for the things we want. It simply is not the way things are done any more. When we decide it is time for that new car, holiday, or home makeover our usual route to getting it is a personal loan.
The downside is, of course, paying interest. But the upside is you get to enjoy the thing you want much earlier and the initial financial impact is minimal. The key to it all is to carefully select the loan so that it meets your needs, keeps costs to a minimum and can be comfortably afforded.
There is no shortage of information on loans and providers nowadays and this puts you in control of the selection process. Best source of up-to-date information is the internet.
Once you’ve chosen, the provider will always want to check your credit but this is nothing arduous. Often it can be done immediately on the phone and if everything is OK a loan offer may also be made immediately. If the personal loan is not granted the loan company will normally tell you the reason.
Why you need the loan is not usually an issue for the lender as long as you can show you can make the repayments.
So, unless you have a rich relative or friend, a personal loan is usually your quickest route to getting what you want. What’s great is that it is now simple to find the best deal and apply for it immediately – on-line or on the phone.
November 27, 2008 at 10:12 am | personal loan | No comment
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Financial affairs
If you’re found out you it may be of no help to claim that ‘it meant nothing’ or ‘it was just the once, honest’ – because until you’ve paid the price it is unlikely that you will get any peace. Yes, life after the discovery of a secret personal loan can be hell.
But over one million of us have taken out a personal loan without the knowledge of partners or family members according to a survey carried out by Abbey Loans. In fact 1.35 million have been lured into risking everything in secret to rack up a total debt of 7.7 billion pounds.
‘I only did it to help us pay off our old debts’ is unlikely to make it any better, although debt consolidation was the motive for more than half the loans. Other excuses are somewhat lamer:-
‘I only did it to improve our home’
‘I bought us a car with the money’
‘I’ve got us this holiday – it was to be a surprise’
Oddest motive of all has to be taking out a loan in secret to fund cosmetic surgery. Did they think no-one would notice?
November 25, 2008 at 10:12 am | personal loan | No comment
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No let up in seasonal splashing of cash
Despite crunches, downturns and forecasts of economic doom, a lot of us Brits are still determined to splash the cash this Christmas, according to Direct Line Home Insurance.
Direct line’s survey shows that about one in six people claim that they will spend more money on presents this year than they did in 2007 and more than half are aiming to spend the same as last year.
The average spend on presents is expected to be a total of £407 spread amongst ten friends/family members.
Commenting on the figures, Andrew Lowe, head of Direct Line Home Insurance, said: “As ever, the nation is fully embracing this year’s Christmas festivities. However, for many buying gifts, it means shopping much smarter to get the most for their money. Our research shows many are keeping an eye out for offers and discounts so they get the best deals on presents they are planning to buy – whether this means starting shopping earlier or leaving it until the last minute hoping for reductions.”
One way of funding the concentrated cost of Christmas is to take out a personal loan which can then be paid back over the year – spreading the cost into affordable instalments.
November 24, 2008 at 5:45 pm | personal loan | No comment
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Best ever deals on new and used cars
Car dealer groups are feeling the pinch as economic conditions worsen and are cutting prices on the forecourt at the expense of profitability. Sales of new cars in the UK fell in October at their fastest rate for 17 years and were down 23% from a year ago.
Used car values are also falling rapidly and EurotaxGlass, which publishes Glass’s Guide, expects used car values to fall by at least 12 per cent by Christmas. Average used car values fell to £4,743 in October – the lowest level this year.
Whilst the fall in value of used cars may not be great news for anyone hoping to trade up, now is a very good time to be in the market for a new or used car. And if you have no car to trade-in you will be in a very strong position to achieve major discounts. Many people will be a little nervous of any large financial commitment but it may be worth seeking out a good rate on a personal loan in order to get huge discounts on new and used cars.
November 22, 2008 at 6:20 pm | personal loan | No comment
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