The Credit Crunch Expert
1. If you cannot afford to buy it then DONT have it! Plan your finances and budget carefully so that whatever you are buying is a "one off" purchase that you enjoy and not a long term monthly purchase that you regret.
2. Consolidate any personal debt
you have into one loan that you can track and manage. To compare loans
Click here
3. If you have to make an emergency
purchase that you may want to pay for over a few months consider using a
credit card that offers interest free terms on purchases. Make sure that
this is controlled and paid off within the term so as to avoid high interest
charges. To compare credit cards Click here
4. Consider switching your loan mid
term to one that offers a lower rate of interest. Be aware that this may
incur early repayment charges that are greater than the amount you could
save by switching. To compare loans Click
here
5. If you have a mortgage with a draw down facillity then use this instead of a loan to consolidate your debt. This is probably the cheapest money you will ever borrow. Make sure you can afford the extra payments and make them monthly to pay of the draw down as though you are repaying a loan.
6. Make sure you have sufficient income protection insurance to enable you to continue to make any debt repayments if you become unable through accident, sickness or redundancy.