Wednesday, December 16, 2009
Category:
Consolidation
According to Andrew Hagger of Moneynet.co.uk, consumers who do not keep an eye on the balance of their current account throughout the Christmas and New Year period could be making a ‘costly mistake’.
With presents to buy and parties to attend, the festive period tends to be the most expensive time of the year. Combined with the fact that pay day may also come earlier than usual; it can be difficult to keep track of finances. However, a ‘worry about it later’ attitude could not only leave individuals without cash, but with significant bank charges in the New Year.
Account holders are advised to contact their bank or building society to arrange an authorised overdraft if they do not have one in place, or if they feel that it needs to be extended. Unauthorised overdraft charges are not subject to common policy; therefore charges can vary significantly. It is also suggested that the account is subsequently checked at regular intervals.
………………………………………………………………………………………………....
Homeowners who have had to turn to credit cards to fund Christmas in the past, could consider taking out a secured loan for debt
consolidation. One of many finance options available, a secured loan could eliminate multiple monthly repayments, replacing them with just one. This single monthly repayment could even be lower than the sum of existing monthly commitments, thus leaving the borrower with more money each month. However, when taking out a debt consolidation loan, it must be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
