Daryl Self Offers Credit Busting Tips To Survive The Crunch
As the bankruptcy of many of the major investment banks continues and stock markets continue to tumble on a global scale, Daryl Self, from Loan Purchase, the leading provider of short-term loans online is offering his top five tips to surviving the credit crunch, preventing even more financial casualties.
1. Budget For Survival
The UK has a huge problem with people living way beyond their means, so it is essential, that you budget your way through the downturn. Make a monthly budget plan on Excel of incoming and outgoings each month and work out how much money you have left after the mortgage and bills are paid, that way you will know each month how much you should set aside and never be caught short with your finances.
2. Consolidate Your Finances And Pay Off Your Debts
The UK is currently in £231 billion worth of non-mortgage related debt, which is shocking, the majority of families has some debts, whether that is credit card related, or store card related, and things can potentially spiral out of control. If you do have debts, it is essential that you pay these off as soon as possible, before you incur more interest. A good tip is to turn items into instant cash loans, maybe you have some jewelry that is worn very rarely or maybe an old motor that is collecting dust in the garage. At Loan Purchase, we offer a novel take on pawn broking, aimed at getting customers out of tricky situation. I developed Loan purchase after a gap in the market was found to exist for a service that allows for an item to actually be purchased, and so we give the customer the option to buy back their item for a fee after an agreed amount of time, which can then be extended at the discretion of Loan Purchase. We offer instant cash loans against small and larger items including jewelry, cars, planes, boats and household goods.
3. Boost Your Savings
When your debts are paid off, by using a short term loan or by putting some money aside each month, you should make a huge effort to save some money in preparation for other periods of hardship, that way if the credit crunch continues or we indeed hit another financially difficult period, you will be prepared. Contacting your local bank is often a good idea, as they will be able to offer you great advice on setting up an ISA. These savings accounts allow for a certain amount of money to be saved each year without you having to pay tax on it, these accounts usually offer high rates of interest, so this is another way of boosting your savings for a rainy day.
4. Get A Better Mortgage Rate
This is a great idea for first time buyers, where rates can be as much as 7.5 per-cent, costing a huge amount of money every month. Get in touch with as many mortgage providers as possible to see what they can offer you, if you are lucky you could find a rate that will save you up to £300 a month, which can go towards paying off your debts or paying for a personal project like decorating a room.
5. Think On Your Feet
If times are hard financially, take time to find out how you can save money at home. Suggested ideas include growing your own vegetables, repairing clothing rather than buying new items or even switching your washing machine to a lower temperature- all of which can help!
For more information on Loan Purchase and their short-term loans, please visit their website at http://www.loanpurchase.co.uk/