Reduce your loans - The obvious way to save money is to reduce the size and number of loans you have. You can consolidate your loans on to your mortgage but is it the best thing to do? Find out here.
Credit card killers - Few people consider a credit card as a loan facilty but it is. It is also a killer if you want to save money. Credit cards are one of the biggest cuprits of debt creation so treat a credit card as an enemy not a "flexible friend". Learn the pros and cons of personal and mortgage loans from my book.
Overdrafts - Overdrafts are another form of loan and yet there can be cheaper ways to keep on top of your finances. You'll learn secrets on our site how to avoid debt from the use of overdrafts and credit cards.Remortgaging - So often used as a means to draw down equity (take a loan) from your home but it also increases the size of your mortgage. Equity is a form of "savings" so you are spending your savings by increasing your mortgage. Watch the video and read my free book to learn of other ways to do things.
Types of loan - You have a choice between a business loan and a personal loan the latter usually being a lower interest rate. You also have a choice of having a secured loan (secured against your home) or unsecured with the former usually being the lowest interest rate. Don't confuse unsecured with tenancy as a homeowner can have an unsecured home whereas the options for tenants is less with higher interest rates.
Online loans - Be aware that if you apply for a loan online you will have to provide a telephone number before you get a quote. Once you provide a phone number you will be inundated with phone calls from all types of lender as the first lender you called passes your contact details to other lenders.
Interest rates - Since the mortgage and personal loan lenders have all but gone bust and the Govt. has had to bail them out they are like frenzied sharks. Expect loan offers by post, cold calls, emails you name it and the banks want you to take a loan. Lenders have more than doubled their profit margin post credit crunch in a vain attempt to claw back their massive losses. My advice is simple - DO NOT take out a loan unless you NEED it.
