awesomescopeThe cost of living is on the rise. Everything is increasing in price. From our energy bills to the price of food. If we’re lucky to have them, we are eating into our savings accounts and for those that don’t have anything in the bank, the struggle is even worse. This cost of living crisis is impacting everybody and many of us simply do not know what to do. There is often a lure of borrowing more money, however the interest rates can be ridiculous and get you into a worse situation in a few weeks time. Let’s have a look at some sensible borrowing options.
Credit You Can Afford
So may credit card companies give you a good deal for a few months and then the interest rate skyrockets. This isn’t that good if you cannot clear that borrowing within that allocated time. this is when you need to look at credit card alternatives. Credit that works with you and you can actually afford to pay back. You need to look at the interest rates on the credit you are taking. How much are you borrowing and how much will you need to pay back? Take a look at Polar Credit if you are considering this. There are no early settlement fees and the credit is flexible, so you are in control. Borrowing money often gets a bad rep. However if you do it whilst knowing everything in advance, it can work with your situation. If you know you are going to get paid in 3 weeks and can pay the loan back in 6 weeks, you know everything is organised and ready to go. Be sure to read everything fully, including any small print and of course, the amount you are going to have to pay back. This is when borrowing can work for you.
Borrowing From Family
Many of us have supportive families and I’ve always been keen to avoid borrowing money from our loved ones. However, in this time of crisis, it could be a lifesaver for someone. Maybe your family members have a bit of money put away and they can help you out in the short term. However, just like borrowing from an official lender, you need to make sure the agreement is worked out for repayment. they probably won’t want any interest adding as they are your loved ones, however when money comes into relationships, it can be damaging. So ensure you are capable of paying it back and that you actually do it. Adding a broken relationship and friction with your family to a cost of living crisis is not advisable.
We’re living in a time of financial difficulty. Something many of us didn’t have a plan put in place for. Of course, knowing things are going to happen can help, however lots of people live pay cheque to pay cheque anyway. Being plunged into this situation is mentally and physically draining, however we can lighten the load by being sensible. Don’t jump in head first to something which is going to cause more upset later down the line. Be wise, keep your head and borrow sensibly.
