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.
Homeowner Secured Loans
Rates From 7.1% APRC
Representative Example £30,000 over 72 months @ £679.90 repayments. Total payable of £49,949. 20.1% APRC including £2,975 intermediary fee and a £995 lender fee. Loans secured on property.
First Choice are tied to certain loan providers.
Mortgages & Remortgages
Borrow £80,000 over 25 years
At 4.6% Variable, £461.95 for
300 months. Total Payable
£138,585. Total Cost Of
Credit £58,585 (incl £1360 fee).
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 MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. Security is required on
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
First Choice Finance is a trading style of First Choice Funding Limited of The Old Courtyard, 103 Buxton Road, High Lane, Stockport, Cheshire. SK6 8DX. Copyright protected 2014.
Have you got a bad credit rating or been declined finance in the past First Choice Finance have a selection of bad credit loans to suit many unique circumstance contact us and speak to one of our loan experts.