Loan Advice for the Current Financial Climate

02 September 2011 - Which Way to Pay

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Loan Advice for the Current Financial Climate

With the financial world is passing through a turbulent phase again, it is even more important that you tread amongst the lending market with caution. With uncertainty looming large, many have realised that it is time to tighten their purse-strings, including lenders. Thatís not to say great deals arenít available...

An important part of your outgo management is appropriately dealing with your taking and servicing of debt. In times of rising inflation, mismanagement of repayments could cripple your finances, thereby shrinking your spending ability. If you see yourself struggling with debt management, it is best to steer clear of unsecured loans, like credit card debt, unless you have exhausted all your options. Of course, this doesn't imply that you should be relaxed with respect to other quick and simple loans like payday loans despite their easier manageability.

Given the current high interest rate regime, the pressure on equated monthly instalments (EMIs) is likely to be unrelenting. Therefore, it makes sense to stay aware of the burden of debt weighing in on your monthly budget, adding to challenges borne out of stifling inflation and a bleak global scenario.

If you are struggling with debt, consider a debt management plan to help get you back on track.



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