Debt Crisis Mounts for UK Households Leaves Thousands Turning To Debt Consolidation Loans

Spiralling debts from credit cards, pay day lenders and heavy interest bank loans can easily derail your financial status and the consequences of missed repayments can be intimidating and stressful for thousands of vulnerable borrowers across the UK. Figures published at the start of 2019 have revealed that UK household debts have risen by two-fifths in just six months. The report from Aviva’s Family Finances has shown that the average debt is now £13,520 – an increase of £4,000 from £9,520 in summer 2018.

Debt Crisis Mounts for UK Households Leaves Thousands Turning To Debt Consolidation Loans

The figure – which doesn’t include mortgage debt – revealed the average amount owed is 24 per cent higher than in winter 2011 when the data was first recorded.

Whilst taking out a loan is extremely common, the burden of mounting debts can not only affect your spending ability by taking a substantial wedge out of your monthly budget, it can also affect your credit score with a low credit score indicating you’re a riskier borrower than someone with a better credit score. Future creditors and lenders could make you pay for this risk by a charging you a higher interest on future loans.

With debt affecting so many families across the UK, years of austerity and wage stagnation, the ability to manage debt properly has become increasingly important. A whole raft of debt management techniques have emerged helping millions lumbered with small and larger debts, short term and long term.

What is debt consolidation and how does it work?

Consolidating debt is a method used by many who have more than one loan to manage. If you have a car loan hanging over you, store card debts and other personal loans to handle, this method lets you bring all your debts into one single debt meaning there is only one monthly repayment to make. Many people prefer this method of consolidating several different loans making it easier for them to keep track of debts and manage cashflow when making repayments.

A primary motivating factor for debt consolidation is often to reduce the size of the monthly repayments, but it’s important to calculate how much is already being paid each month on existing loans. If the revised consolidated payment is higher, it may not be worth making the switch despite the single payment being easier to manage.

Using debt consolidation may also allow you to take advantage of lower interest rates, moving high interest loans into one single lower rate plan but this will again depend on an individual’s credit score and some more attractive rates might not be available to all who apply.

There are several other factors to consider as well. A single loan repayment might be lower per month than the existing total but should the repayments be spread over a longer period, the total amount you end up owing may well be higher. Those contemplating a debt consolidation loan should also be wary of upfront or hidden fees which could also ramp up the final amount owed.

Another factor is the two …

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Utilizes For Enterprise Finance Loans

When applying for organization finance loans, the cash you get may be utilized on a range of selections. One item may be the property for which the company will likely be positioned. If the developing you’re going to be leasing wants improvement, it is possible to make use of the funds for that. The funds can also be applied for any renovation or building that desires to become done. The enterprise will will need supplies which you can make use of the loan towards. For example, the buy of furniture, electronics, machinery you may will need, and fixtures.

Utilizes For Enterprise Finance Loans

Acquiring Approval for Company Finance

Prior to applying for business enterprise finance you are going to choose to check your company credit score. Ask the lending institution what’s the minimum business credit score is necessary to become authorized. You may would like to know this details, so you do not apply at the lending institution that your score doesn’t meet the specifications.

If 3 lenders do the verify of your score and also you are not authorized, then the chances a further lender will approve it are slim. Diverse lenders could call for unique criteria to met, ahead of you apply, ask for this info. You could possibly also do a search online at unique lenders to determine what they require.

Unique Sorts of Company Loans Obtainable

There is certainly more than 1 organization loan that you may apply for. You will wish to research every single of them to make confident you attempt the 1 that greatest fits your enterprises demands. A few of these loans contain a micro loan. With this loan, you could acquire anywhere from $5,000 to $35,000. This loan is usually made use of towards any objective with the small business.

A different loan is named development financing. This loan is usually utilised towards improvements of a creating that already exists or purchasing land. It could also be applied for building new facilities, landscaping, parking lots, and utilities. You could possibly also invest in equipment and machinery. For an current creating, you could possibly renovate or modernize. They are just a couple of loans that are readily available to you as a company owner. It is possible to search on the internet for each of the various loans accessible to you.…

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Solving Financial Issues On Your Own

So, you have your own little business and every once in a while you find yourself having to deal with some minor financial issue, but you always seem to have trouble dealing with it. Now, as I presented in another article, you can probably hire a financial advisor to help you, but if you don’t to spend any money on that, it is time for you to start learning about what you actually need to know in order to solve these problems effectively.

Solving Financial Issues On Your Own

For this, you have two easy choices. The first one would be to actually find a course in finance and learn a bit about it and the second would be to look for information online. The first one sounds the more like a professional approach, so let’s see what kind of courses you can follow. Basically, you can follow any financial advisor course to get the information you need. They will explain what you can do in a lot of situations, so please remember this. There is also a fee that you need to pay, but I find it reasonable, so there is no problem with that.

The second option you have doesn’t cost a thing, but remember, whatever information you can find on the internet, it will probably come from people just like you, with no real education in finance. By saving money, you are taking some risks, which is why I recommend following a professional course in finance.

In general, both ways are probably helpful, but the best way to get information is by experience. If you have to deal with financial problems all the time, in a couple of months you should master them and solve them in a diplomatic and effective way. However, keep in mind that you also need to not lose money during the process, so the courses still seem the better option to me.…

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Importance of a Good Marketing Strategy for Financial Advisors

Like in all businesses marketing is an essential part which must not be overlooked by an individual consultant. If you are a financial planning firm or an individual financial adviser, marketing is very important for you to have a substantial promotional strategy in place. With the increased amount of competitiveness if you are not building your markets from time to time very soon you might be left behind in the business.

Most of the finance advisers do not invest in marketing; however few of the advisers make little effort towards marketing which does not help much in fetching the results as expected and eventually they stop marketing themselves at all, thinking it just doesn’t work for them. On the contrary you must understand that marketing is all about creating and branding, mixed with great communication and off course followed by consistent doses of quality, value for money and great customer care, and the more you work on it each year it just gets better. Building new customer base along with managing the existing clients can be quite a challenge, and to keep up with the new working trends needs a good strategy so you keep reaping new clients from the existing clients. If you have been telling people, that you are a finance guy and you really don’t know a thing about marketing, you will be surprised to know that you are probably among the few professionals who are most of the time actively practicing live marketing techniques.

As a first step to marketing yourself as a financial adviser, you will need to have a well designed business card. This is often considered the first step as people will know about your services and remember you through it. Spending good time on this will yield you a long-term branding as this is how people will see you and recall you, so your business card holds a great value for your business, every detail and communication is crucial. As in most cases take help of a good graphic artist to make your business card visually balanced with great communications on who you are and what your services are. A well balanced information and neat visual is the key element which will be the best to create a great first impression of you.

Another important step you must take is spend good time in getting a good brochure with extra information on your services. The business card creates the impression on your potential clients, and a brochure will help you to take up the interest of the clients to the next level where you will be getting a chance to convert it to sales. Spending time on what must go in your brochure is important too. Including a few reviews and success stories from your regular clients might be a great idea to communicate to your prospective clients. As this will help your clients to evaluate your services and at the time build trust in you to take up your …

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Helpful Cost Cutting Tips For Small Business Owners

The secret to having a successful small business or home base business is to create a new way to monitor costs. You also need to realize that business spending can sometimes immediately increase and also decrease the income, and your business will not see any progress.

Most of the business owners realize that they generate income from the business, but they do not recognize where the money spent to. This problem will definitely affect the cash flow of their businesses. Successful business owners know that they have to regularly review their expenses within certain period of time. From this action, they are able to arrange the cash flow smartly and create more saving in their business.

You may review below lists for your consideration in creating good cash flow on your business.

– You can purchase the last year model of your operational needs such as computers, fax, furniture, or others for your office because these needs will always be newly produced by the manufactures every year and the costs of buying them will be higher. From here you can do the saving of you operational needs.

– You can start to purchase stocks in larger quantities and buy them in advance. Larger quantities means lower costs. Repurchase your needs before the stocks run out. And with purchasing them in advance, you will have more opportunity to gain the benefit of sales.

– Try to combine product shipment with consolidating them into one period of time. You can cut your mail cost from this consolidation.

– Turn your preference to probably products that is produced by national manufactures. It means that you can start to use national products to save money.

– Most of smart entrepreneur is aware when and where to buy a stock or products for lower prices. One of the options of have these are to gain the benefit from discounted products. Some companies provides discounts to their member on certain services such as travel, insurance, cargo services, telephone, or others. Taking advantage from the offers of some credit card providers is also a good option for your cash flow.…

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