Sunday, January 17, 2010
Category:
Personal Finance Tips
According to Andrew Hagger of Moneynet.co.uk, consumers who slip into an unauthorised overdraft could find that their New Year might not start well.
With many people having received their pay earlier than usual in December, some may now be finding it difficult to stay within their overdraft limit whilst they wait for pay day to arrive.
However, Moneynet.co.uk has pointed out that ‘the cost of an authorised overdraft is a mere fraction of the cost of unauthorised borrowing’. Therefore, consumers without an overdraft facility in place, or those who require a little financial leeway, are being advised to contact their bank or building society to arrange an authorised overdraft. It is believed that a temporary overdraft increase could assist consumers in getting their finances back on track.
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Homeowners who are finding their monthly finances tight, perhaps due to multiple credit card bills and store card repayments, could consider tying any existing debts up into one place. One of many finance options available, a secured loan for debt consolidation could allow borrowers to replace several monthly repayments with just one. Furthermore, this single monthly repayment could even be lower than the sum of current outgoings. 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.
