why people borrow the best ways of borrowing & paying off debt. credit deals to avoid how to...
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Why people borrow
The best ways of borrowing &
paying off debt.
Credit deals to avoid
How to deal with financial difficulties.
Most of us will need to borrow money, it’s
essential to ‘shop around’ to get the best deal.
The best interest rates are low.The best interest rates are low.
Good way to borrow larger amountsGood way to borrow larger amounts of at least £5,000.of at least £5,000.
Shop aroundShop aroundThe difference in interest between lenders The difference in interest between lenders can be hugecan be huge
StorecardTypical
interest rateMinimum payment
Total interest cost
Total amount repayable
Time taken to clear debt
John Lewis Account
13.00% £5 or 5% £38.21 £238.21 3 years 3 months
M&S Money Store
18.90% £5 or 3% £94.21 £294.21 4 years 8 months
B&Q You Can Do It
26.80% £4 or 4% £139.80 £339.80 5 years 8 months
House of Fraser
Recognition29.30% £4 or 4% £163.42 £363.42 6 years 1 month
Debenhams Account
29.90% £4 or 4% £169.61 £369.61 6 years 2 months
Topshop Privilege
29.90% £4 or 4% £169.61 £369.61 6 years 2 months
Argos Store 25.90% £2 or 3% £284.79 £484.79 13 years
Homebase Account
25.90% £2 or 3% £284.79 £484.79 13 years
Source: thisismoney.co.uk
Loan to Value
Key considerations
Interest Rates
Repayment Methods
Where to seek financial advice
Company (Borrowing £300)
APR Total Charge
Weekly Payment
No. of Payments
Total
Mutual Clothing & Supply Co. Ltd
188% £90 £15 26 £390
CLC Finance Ltd 365.1% £165 £15 31 £465
Provident personal credit
365.1% £165 £15 31 £465
Shopacheck financial services
440.3% £177 £15.90 30 £477
Loansathome4u.co.uk
399.7% £180 £15 32 £480
Who to approach for helpWho to approach for help