Now that Xmas and the New Year are behind us and things are getting back to normal, or more accurately have returned to normal, with the children back to school and the adults back to the grind of hard work,it is a good time to take stock of ones financial situation.
The last almost three years have been hard on many with cuts in working hours in general and overtime in particular as well as redundancies being prevalent. Some of those who have been made unemployed have found other positions but often their pay is less. When you have tried to cut your coat according to your cloth all year long Xmas does make you really want to splash out.
People who put off their grocery shopping as long as they could before Christmas due to adverse weather conditions, were met by empty shelves, when on Christmas Eve they sauntered into Asda, Waitrose, Morrisons, etc. some hardier people were happy to trudge through the snow and once at the stores really did go on a massive spending spree.
Children nowadays are not content with a doll, football or a game of snakes and ladders any more but demand and receive computers, Nintendos, X Boxes and so on and all this costs a lot of money. As such, having spent more than they should over the festivities, those already over stretched are finding themselves in a position of being over committed with credit cards approaching their credit limit.
Credit cards come with very high rates of interest and when someone has several cards they can become very difficult to manage and even remembering on what date they have to be paid each month can become a problem.
One credit card can be handy, but several cost vast sums of money unnecessarily and can lead to financial suicide.Paying the minimum 3% of the balance only decreases the balance by a minuscule amount and seeing the balance hardly diminish each month becomes literally heart breaking.
Debt consolidation to roll all these credit card debts into one monthly payment is the salvation needed both to save money and make financial management easier. For those who own their own home and who have sufficient equity the ideal solution is by remortgaging their property switching from one mortgage lender to another to obtain a better rate of interest.
This solution is particularly good if the homeowner is coming to the end of his current mortgage deal and therefore will not be charges an early repayment penalty, but sometimes even allowing for a penaly, arranging debt consolidation by remortgages is still very cost effective.
Sometimes an early repayment charge can be up to 5% of the remaining balance and if a homeowner has a large mortgage the penalty will be substantial, eg. on a mortgage balance of £300,000 the penaly would be £15,000.
Arranging debt consolidation by either a remortgage or a secured loan is really the best way for a homeowner to save money, and often a great deal of money running into hundreds of pounds monthly, while at the same time making money management so much more simple.
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