How to borrow money safely

Household debt is back at record levels as families use credit to finance home improvements, new car purchases, holidays and to consolidate other debts. While borrowing is, in itself, not a bad thing, the key to successful management of credit is to ensure that you behave with discipline and to use it safely. There are many ways to borrow money but choosing the right method for you will be a decision based upon the amount that you need, how quickly you will be able to pay it all back, how financially disciplined you are and whether you have a problem with a poor credit record. Make the right decision, and you will save yourself a lot in interest payments. Make the wrong one, and you could end up having difficulty repaying the loan or card every month and get into arrears and face a default or legal action. So it’s definitely worth taking the time to assess your options and being honest with yourself about your circumstances. Scenario 1: You have run out of money before payday If yo


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