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Trading Standards
Free help and advice is available from South Ayrshire Trading Standards Consumer
and Business Advice Centre - contact South Ayrshire Debt Helpline on 01292 616060
For those in Debt
Keep Debt Under Control!
We all sometimes end up spending far more than we ever meant to.
Getting credit might look fast, easy and good value - but paying it off can be slow,
painful and costly.
There are lots of times when borrowing money does make sense, but there are so many
different types of loans and interest rates that it's hard to work out the best
deal.
Before you borrow:
- Be tough! - Work out how much you really spend every month and
how much you have to pay back money you borrow.
- Don't pay more than you need to - The best credit deals charge
the lowest APR.
- The sales are coming up - Could you wait a few weeks and buy what
you need more cheaply then.
The unexpected pitch:
- It's easy to get carried away - Special offers and store card deals
are designed to get us to part with our money, but by standing back, we can see
if we're buying something we really want. Think carefully before you put up your
home as security for any loan. If you got ill or lost your job you could risk losing
your home as well.
If you do borrow:
There are many ways to borrow money. Check out the different options to find the
one that's best suited to you.
- Credit cards - find the cheapest rate and try to clear the balance
during the interest free period.
- Overdrafts - remember that if you go over your limit the bank will
charge you a lot more than the interest rate you agreed when you took out your overdraft.
- Instant credit - check the small print. If your late with a payment
or don't finish making all the payments in time, some deals charge you interest
on the whole amount you've borrowed. Check the shop isn't marking up the goods to
compensate for the free credit offer - you might be able to buy cheaper elsewhere.
- Doorstep credit and catalogues - they can be expensive. Your weekly
repayments might look affordable, but if the APR is high then you're paying more
than you need to. Compare catalogue prices with other shops before you order.
- Credit unions - work for some people. You save with them for a
set time and you can usually borrow two or three times what you've saved. The Association
of British Credit Unions, on 0161 832 3694, can tell you where your nearest one
is operating.
If you've borrowed too much:
- It's an awful feeling but try not to panic - many of us get into
debt at different times in our lives. The
important thing is to recognise that there is a problem - and then get free help
and advice from the professionals who can:
- talk to the people you owe money to;
- agree future payments that you can afford;
- help you sort out the priority debts (such as your rent or mortgage, fuel bills,
council tax or
maintenance) and organise your money for the future.