It pays to look around when looking for credit. And it also pays to understand what credit is, and how system works.
TV advertising for secured or homeowner loans has been replaced by almost constant advertising for payday loans and other short-term credit. But its not all bad, there are plenty of good value ways to borrow money.
Armed with information you can make the right decisions about credit. You will have a better idea of when it is appropriate to use credit and when it is dangerous to get further into debt.
Credit Cards
Credit cards are a form of short-term borrowing, many years ago it was mandatory that you had to clear the balance each month. Over the years the industry has evolved into a very sophisticated marketing machine.
Find out what to look out for when applying for a credit card, and how to manage your borrowing.
Payday Loans
Payday loans in the UK are a rapidly growing industry. Over a million people borrow money to see them through to the next payday.
It is well publicised that these loans carry high APR’s but what does it all mean?
Find out what to look for when applying for a Payday loan, and what happens if you can’t pay it back.
Debt and Debt Solutions
Debt creeps up on people, an overdraft out of control, missed payments on a credit card and before you know what is happening you have creditors pursuing you and it can feel like your world is falling apart.
If you are having difficulty you need to get help as quickly as possible.
Loans, overdrafts, credit cards and payday loans are all ways of obtaining credit. Secured loans ceased to be so popular after the banking crisis of 2008, but unsecured lending has grown over the last few years.
There are various ways to get credit, such as:
- Loans from mainstream lenders like banks and building societies
- Credit cards from a wide range of financial services companies
- Credit Unions and Moneylines
- Store credit cards
- Doorstep lenders like Provident
- Payday Loans
- Hire Purchase for example Brighthouse.
- Loan Sharks
Find your way through the maze of different financial products. The best way to protect yourself if to arm yourself with information.