Should I refinance my debts?
As the financial environment in the UK continues to weigh heavily on the minds of many people across the country, both individuals and business people, a growing number are looking at potentially refinancing their debts. Should I refinance my debts is a question which is difficult to answer as each and every situation will be very different.
The only real reason you would look to refinance your debts is if you're able to change the payment terms and the repayment duration. The main goal has to be to reduce your outgoings in the short to medium term to give you time to re-evaluate your position and hopefully repair your financial status. Very often people will go one of two ways, either looking at the short-term refinancing, which can place even more pressure upon your outgoings, or else look too long-term which would result in potentially paying over the top in interest charges. You need to find a balance which perfectly fits your financial position, your age and your lifestyle.
As a consequence, you may find it very beneficial to take professional financial advice to ensure you are taking the correct action and indeed you are looking at the correct financial products.
Share this..
Related stories
Lord Mandelson announces £10 billion loan guarantee scheme
After much speculation in the press we finally have the details of the government's £10 billion two-year guarantee fund for UK businesses. The first variation on the details originally leaked to the press cover the overall figure which is down from £20 billion to £10 billion by the fact that the security only covers 50% of any existing loan or new short-term banking arrangement. So what else ha...
Read MoreIs an overdraft better than a loan?
Over the last decade it seems as though banking customers in the UK have literally been force fed their own overdraft with interest free buffer zones looking like money for nothing. However, slowly but surely we all seem to increase our overdraft bit by bit until what is really a short term financing instrument can often eat up a large part of your monthly income. So what is better, an overdraft...
Read MoreHomeowners 'using personal loans for renovations'
Many homeowners are splashing out on home improvements, in a bid to make their property more sellable.Lloyds TSB said today that 20 per cent more people applied for a personal loan in order to fund home renovations over the first half of this year than did so in the equivalent period in 2007.Moreover, a poll from the bank found that 55 per cent are using the improvements to boost the value of thei...
Read MoreEuropean Investment Bank approves $1.2 billion car industry loans
In a move which has been presented under the auspices of a green revolution in the European car industry, over $1.2 billion in loans have been cleared for EU car manufacturers. With the proviso that the funds are used to cut CO2 emissions and release cleaner cars to the car market, many car manufacturers will be relieved to say the least.
The likes of Nissan, Volkswagen and Jaguar L...
New quotes system announced at personal loans provider
A new "personalised pricing" system for personal loans customers has been announced by Nationwide.Announced for an immediate start, the new system will give every single loan customer an individual quotation.The recent economic downturn was cited by Nationwide as a reason to begin its new loans policy.It claimed that the move was "prudent" due to the market volatility and predicted recession.Jerem...
Read More