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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.

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