A major international organisation has suggested that taxes may have to go up after the next election, which could lead to more squeezed homeowners looking towards debt consolidation.
The International Monetary Fund (IMF) has said that tax rises and spending cuts `should be explored` by the next government so that Britain`s finances can be balanced before the end of the next parliament.
This will come as a blow to hard pressed Britons who are already suffering the pinch from years of wages not keeping up with the speed of inflation on the things that they are buying every day.
This can lead to the temptation of using credit cards to make up the difference between what you earn and what you spend. While plastic can be a great way to buy things, if you`re constantly using it with little idea about how you`ll settle your bill, you may want to avoid using them and adjust your lifestyle instead. If you are already indebted and not able to get those pesky credit card balances down you may want to think about debt consolidation.
Using a debt consolidation loan could let you pay off your unsecured debts such as credit cards, payday loans and personal loans in one go and leave you with a single repayment to make each month. This will be for less than you`re paying now to help your cashflow, normally because you`ll be paying the money back over a long term.
As this does mean that you`ll probably face greater interest payments, you should work through the numbers first and check it is what you want to do to get back on top of your credit scenario.
Find out more about how debt consolidation loans could help ease the pinch on your finances by contacting us today at firstchoicefinance.co.uk or by calling our finance team on 0800 298 3000 or 0333 003 1505.
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