Too much month left at the end of your money?
If Christmas debts are the cause of your January struggle, it’s time to do some calculations and look at your options. Whether it’s debt through a credit card, car finance, loans, store credit or even payday lenders, it may eventually become a struggle to juggle. It’s important to be very careful with credit cards. Although they can be beneficial when used sensibly, i.e. paid in full, when interest starts to be charged on your credit card, your debt can increase at great speed and become difficult to manage.
How we can help…
A member had debts from credit cards and a loan, which totalled £16,000. This member was paying £914 each month to cover these repayments and decided to apply to consolidate this borrowing using our Member Loan.
This member applied for a £16,000 loan to clear these other debts, repaid over 48 months. The loan was agreed and this member is paying £382 per month, saving an impressive £532 every month.
Not only can consolidating debt create additional disposable income, it could also reduce the term of your debt. Increased disposable income then gives the perfect opportunity to build your savings for a rainy day, meaning that you should not need to use credit cards again.
For more information about consolidating debts with our Member Loan, please click here, where you can read about the loan and use the loan calculator. We also have a Budget Planner available where you can print out and work out your income vs your expenditure, to help you do those necessary calculations.