09:30 20 December 2013
When you are faced with an emergency and in need of finances, many people will turn to whatever method comes their way first.
Unfortunately, that is just the type of situation that many lenders look for and take advantage of by getting you in over your head.
The result of such a high yearly interest is being unable to get out from under the interest. Paying it back becomes unmanageable.
To try to avoid this altogether by first asking your employer for a payday advance or falling back on friends and family.
Solution: Choose a fixed rate deal instead of a standard. This prevents these rate hikes and can save you considerably on your monthly finances.
The solution: before signing on a new mortgage or a refinance, consider not just the interest rate but also the deposit percentage and the fees attached.
Solution: check if there is any add-on package before getting into a new account.
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