Debt consolidating advice
There are two types of debt consolidation loan: Debt consolidation loans that are secured against your home are sometimes called homeowner loans.You might be offered a secured loan if you owe a lot of money or if you have a poor credit history.If you’ve got lots of different debts and you’re struggling to keep up with repayments, you can merge them together into one loan to lower your monthly payments.You borrow enough money to pay off all your current debts and owe money to just one lender.
Creating a realistic budget for your household expenses may help prevent you overspending.
Here are some tips that may help get debt under control, put more back into your pocket and may help you to ease any financial stress.
Interest on hire purchase and store cards interest payments can often be over 20% p.a.
You could also consolidate your debts into an unsecured personal loan, but again you’ll need a good credit rating to get the best deals.
Hire purchase payments, car finance, store cards, different interest rates, payment times and amounts, it’s easy for it all to get away on you.
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Understanding your own debt traps may help prevent you getting back into debt, because once you understand your “bad” habits you can avoid them.