Will organising my debt help the economy

Will organising my debt help the economy

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Video transcript

The British Chambers of Commerce (BCC) has warned that personal debt levels could hold back the country`s economic recovery in a couple of years` time.

Even though the country is well out of recession and seemingly recovering following the financial crisis, this growth could slow down by 2015 because household debt will stop some people spending money, which will stop them buying as much at the shops – a key part of the British economy.

This problem could be made worse by earnings tailing off either late this year or early in 2014, according to the Economic Research Council. While pay isn`t expected to go down, the cost of living is likely to accelerate more quickly, so it will feel as though you`ve got less money in your wallet.

If you want to help reduce the amount of outgoings you have and tackle your household debt at the same time and are interested in refinancing your credit debts then you may want to contact First Choice Finance about a debt consolidation loan. That could pay off your unsecured credit, leaving you with a single repayment on your new loan to make each month.

Interest payments may be larger over the course of the loan but your cashflow should improve. To explore this more visit firstchoicefinance.co.uk or give us a call – the number`s 0800 298 3000 from a landline or 0333 003 1505 from a mobile.
 

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Homeowner Secured Loans
9.8% APRC. Representative example: Borrow £50,000 over 180 months. 60 months at 8.1%, £497.83 pcm fixed at 60% LTV. Then 120 months at 10.1%, £539.89 pcm variable. Total payable £94,656.60. Total cost of credit £44,656.60 (including: £795 lender fee, £985 broker fee & £42,876.60 interest). First Choice are tied to certain loan providers.

Mortgages & Remortgages
8.4% APRC.
Representative Example: Borrow £120,000 over 25 years at 5.99%, £778.86 pcm fixed for 3 years at 60% LTV. Then at 8.75%, £974.86 pcm, variable for 22 years. Total payable £286,416. Total cost of credit £166,416 (including: £985 broker fee, £999 lender fee & £164,432 interest)


Unsecured Personal Loans
REPRESENTATIVE 49.9% APR (VARIABLE)
First Choice are tied to certain unsecured lenders.


THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Security is required on immovable property.



Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home. We Advice Upon & Arrange Mortgages & Loans. We Are Not A Lender.

First Choice Finance is a trading style of First Choice Funding Limited of 54, Wybersley Road, High Lane, Stockport, SK6 8HB. Copyright protected.

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