A lot of people get into trouble with their mortgages because they don’t really understand the options that they have, nor even how many options are available to them. There are a lot of different types of mortgages; some will pay off best given your situation, whereas others may end up bringing you a lot of trouble in the near-future.
Browsing Tag
Debt
Having credit card debt or personal loans has become a natural habit for many of us – some people don’t even think about their credit card as “debt” but relying on it to get by from month to month is a bad habit that can damage your long-term financial situation. But like all bad habits it can be broken and your finances will be healthier for it. Credit cards are so common now that it is rare to find someone without one unless they have a poor credit history (or, indeed, no credit history at all if they are young and just starting their first job), but just because they are common doesn’t mean you need one. You might think card debt is somehow acceptable, certainly more so than, say, doorstep loans or other short-term loans but working to build up some savings is always a better option.
Did you know that you’re more likely to end up in debt if you are disabled? Sadly this is true, and one in ten disabled individuals take out a cash loan from someone who has come to that in home. To put that in perspective, these door sales of cash loans are almost always scams. And, you have to be pretty desperate to even consider taking them up on their half. This shows the plight of the disabled and the very real issues they face with finances and debt. The good news is that there are ways to make things a lot easier if you are living with a disability and struggle with money.
Are you a car owner? If so, you may be interested in taking a glance at the info-graphic below that explains why many car owners may be experiencing financial difficulties. You will find tips on making wise choices regarding financing your vehicle and how to get out of loans that may not be best for your pocketbook. To find out more about why many car owners are under water, so to speak, see below.
Take your “financial temperature”
Every once in a while, it is a good idea to take a closer look at your current debt situation. That way you can take the temperature, so to speak, of your current financial situation. A good place to start is to create a list with all your existing loans/debts and beside each to write the current interest rate, balance outstanding, and current payment arrangements, if any.
You may be surprised at how much debt you have taken on without your noticing it piling up. By checking in once in a while, you will be better equipped to handle your debt before it becomes too burdensome.