"Pakistan was once called the most allied ally of the United States. We are now the most nonallied."Zulfikar Ali Bhutto
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Cover yourself up!
Almost anything can be insured these days: breasts, legs, your goldfish, your mental health, physical health, your own life, your child’s life. You can insure against the bad weather, good weather, political events…. This week in Scotland, triathlon ...
Real Estate Auction Action - Buying A Home At Auction
Due in part to the popularity of the U. S. Department of Housing and Urban Development (HUD)'s home auction program, more potential homebuyers than ever are buying homes at auction. Homes for auction aren't limited to just HUD, however. Many government ...
What The Sec Really Thinks About Mutual Funds!
Let’s go into the details of why non-indexed mutual funds are such a bad deal. When Arthur Levitt became the head of the Security Exchange Commission in 1993 he had to sell off all of his individual stocks so that people would not claim that he was doing ...
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There aren't many people who enjoy thinking about finance at Christmas, but when you consider that it's the time of year when we're likely to spend the most money - perhaps the management of our personal finances deserves more time.
If you're looking for a more short-term form of borrowing, then a credit card might be the most suitable method. As you will have seen from the numerous advertisements for credit cards in the media, the credit card market is highly commercial, highly saturated and keen to get your attention and commitment. The choice of cards available does give the consumer great freedom of choice, but without researching the best cards available, it is easy to sign up to a card which looks fantastic on the surface, but may turn out to be something more sinister.
You may have one or more existing credit cards and it's tempting to put the Christmas shopping straight on to these. Yet it may be worth considering whether you can actually get a better deal on a new credit card, not only in terms of interest free credit for a limited period on all balance transfers, but also a better interest rate - typically referred to as the APR (Annual Percentage Rate). Also read the small print for penalty charges, as companies will vary on these.
Personal loans may also be a consideration, but you will have less control over how you pay these off. Like credit cards, there is considerable choice for the consumer in the personal loan market and it is important to shop around. Be aware that although some personal loans are advertised with a low APR, the actual APR you are offered may depend on your credit record. Sites such as moneynet ( http://w ww.moneynet.co.uk/credit-card/index.shtml ), moneysupermarket and lowermybills ( http://www.lowermybills.com ) offer price comparison research on personal loans.
Most of us will exploit some form of credit at Christmas, whether that's through a credit card, personal loan or possibly borrowing from a friend or relative. A more drastic form of borrowing can include remortgaging, though it's always worth undertaking some homework to investigate whether this would be cost-effective. The BBC has a useful article on remortgaging, which explains what you should look out for and what to expect. ( http:/ /newswww.bbc.net.uk/1/hi/business/4252226.stm ).
Credit has its uses, but be aware that whatever you buy in December, could come back to haunt you in January. Indeed the UK already has a bad name for consumer debt with the Telegraph recently reporting that the number of individual insolvencies in the UK has risen by 46% since last year. If you're looking for some money saving ideas, both Credit Action and moneynet have a range of downloadable consumer information guides for general finance enquiries and suggestions on how to save money at Christmas.
Additional resources:
http://www.moneynet.co.uk/christmas-savings-guide/index.shtml
http://www.creditaction.or g.uk/
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About the author:
Rachel lives in Scotland and writes for the personal finance blog Cashzilla:
http://www.cashzilla.co.uk
Contact details:
Rachel Lane
E-mail: rachel@positiveinterest.com
Phone: 0131 561 2251
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