If you are considering a loan, credit card application or remortgage here are some things to look out for.
With unsecured loans, consider carefully how early repayment of your loan may be calculated. Some lenders offer no penalties for repaying early, whilst many have early repayment clauses. Be sure to check whether you need payment protection insurance too.
Be careful when applying for credit cards when they offer low balance transfer rates. These are often conditional on you spending money each month which is charged at a higher rate of interest. Be sure to check the order in which payments made to your account are applied. They generally apply payments to the part of your balance with the lowest rate of interest first, meaning that the purchases you make at higher rates are on your account for longer.
If you considering taking out a loan to cover or consolidate other debts, take advise from one of the free debt management or counselling services. They can advise you of ways to reduce your monthly outgoings, talk to your creditors and even help reduce your debts with IVA programs.
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