Money Advice

Finance Advice for Holiday Times

The holiday’s are once again getting closer and so is the panic that is setting in amongst many all across the world as they realise there are so many things that need to buy and there is so little time left in which they have the opportunity to buy it. Many years ago Christmas would clearly be seen as an opportunity for families to congregate, share stories and perhaps have the odd drink or two as they regaled each other with tales of previous experiences. This is no longer the case and Christmas has become a consumer driven, marketing ploy that has forced many families into getting into debt in order to accommodate the demands of their nearest and dearest.

Presents or Family Time?

Although we do appreciate the odd present or two, the consumer driven race to purchase as many presents and gifts as is humanly possible has taken some of the spotlight off what was once a traditional opportunity for families to get together and celebrate each other’s company. Is there really a need to buy all of those gifts. Does this really make people happy. Clearly, the answer to both of these points is no! Research would suggest that people at their happiest when they have the opportunity to spend time with their loved ones and also when he also given the opportunity to share in positive life experiences.

Positive Experiences

But how do you wrap up with loved ones or even positive life experiences? Would people not be happier to have the latest import technology that would light up their lives for a short period of time until boredom setting and another gadget was needed. Although it is amazing to see people’s faces when they unwrap presents and the sheer delight on children’s faces when they see that Santa has delivered all of the presents they asked for in their centre list, the true spirit of Christmas lies in spending quality time with people who you love. It is important to always carefully consider the financial outlay that you had over this expensive time of year. Is it really worth getting into significant amount of debt in order to finance these happy experiences?

All of us here at hopes that everybody has a wonderful Christmas and remember, don’t forget to spend time with the people that you love and try not to spend too much money!


Applying for Quick Loans

Quick, fast, everything has to happen with immediate effect, but is this true when considering looking at applying for a loan? Just how quick is quick considering looking to access short-term credit as quickly as possible. Throughout the online loan sector many companies articulate expediency when it comes to administering and depositing money that has been borrowed through online loan applications. Go ahead and have a look online now and see just how many learn organisations there are across the United Kingdom that can deposit money in around 15 minutes. It is actually mind-boggling when you consider just how quickly considerably large chunks of money can be thrown towards a loan applicant’s bank account. Is this a positive move for people who need to borrow money quickly? The simple answer is yes, if you are in a rush to borrow money quickly, say for example your car had broken down or your boiler had broken and having money paid into your bank account in less than an hour is incredibly helpful and would certainly provide a sticking plaster and a short-term solution to any immediate problems. When considering the ease in which money can be borrowed coupled with the speed in which finances can be deposited we are truly living within a generation of fast cash/easy money solutions.

A word of caution

There always needs to be a word of caution however when considering lightning fast loan deposits. Yes, it is true that money can be paid in less time than it takes to drive from London to Brighton. Whereas traditionally a loan application may take days or even weeks to process and be deposited, there is a new breed of lender which promises fast loans paid rapidly. And again, whilst we do agree that this is an excellent solution if money is needed to be paid quickly, one thing that will not be cleared in lightning quick times will be the repayment schedule which could often last for up to 60 months or five years. Whilst always therefore take a great deal of thought and consideration when looking towards borrowing sums of money, particularly from quick loan lenders who promise rapid payout times. Although the money is indeed paid the debt has to be repaid will often not be repaid as fast as what the money was deposited and will sit all on the loan applicants file for many months or even years.

Quick Loan Advice

So what is the answer, should people be tempted into using companies that promise quick loans that can sometimes be paid in 60 minutes. The simple answer to this question is can the money be repaid that has been borrowed? Has there been a great deal of thought and consideration given to the need to borrow the money, what is the purpose of the loan is really an emergency? This is just a number of questions that one must consider prior to hitting the apply button on any of the short-term lending operations that feature heavily online. Clearly the most suitable solution is to attempt to save money to address any short-term financial gaps. Applying for a loan is not necessarily the right option must only be implemented as a last ditch strategy when looking to raise small sums of money. If however you find a loan company that offers a low annual percentage rate, has a fast payout time and you have given the reason for wanting to borrow the money a great deal of thought and indeed there is value in accessing the loan then it might be worth going ahead and applying for a loan. If there are alternative solutions available, one must always look for the cheapest method as with any loan application being saddled with debt through several months or even years is often not worth borrowing money for.


Are Credit Cards Really Still ‘All That’?

Credit cards were once the most popular form of paying for items for the large majority of people. Credit cards have many advantages in that they allow the purchaser to use the credit function to access goods or services with the option to repay whatever the cost of the purchased goods at the end of the month. Swank advertising along the lines of, “your flexible friend” was commonplace within the United Kingdom around the mid-1990s. Ask any pre-millennial person what your flexible friend means and I would wager that they would immediately say it refers to a credit card. But just how flexible our credit cards and can literally be your friends? The answer to this is absolutely not; although it could be argued they do provide flexibility in that the majority of credit cards can be used much anywhere both within the United Kingdom and indeed the world. If a person must go on holiday then a credit card would be able to be used in almost any shop abroad.

Advantages of Credit Cards

There are therefore many advantages when considering the use of credit cards and it goes without saying many people have relied on credit cards to cover short-term financial commitments. Although there are therefore positives associated with your flexible friend, caution should be taken when using credit cards to purchase items, or to use it to access small sums of money. As with any credit, credit cards have to be repaid at the end of each month. If the credit card is in repaid in full then interest is applied to the amount that has been borrowed against the credit card. Paying off the amount you borrowed on the credit card is however easy said than done. Consequently, any purchases on the credit card that on repaid then roll over to the next month where additional interest is added.

Balance Transfers

Many credit cards will offer 0% balance transfers and this can be extremely useful if you have a large amount of debt on one particular credit card. The process for transferring the debt to another credit card is quite simple; he would simply complete an application and to the amount of money you would like to transfer to the new credit card and then this would automatically happen typically within seven working days. An important thing to remember here is that if you are in the process of transferring your credit onto a 0% from one in which you are paying interest that the next thing you need to do is to immediately cut up the card that you transfer the debt from and never use it again if possible. Accruing several credit credit cards can ultimately lead to financial difficulties and therefore the key is to move the debt from the credit card that you are paying interest on to one in which you pay no interest for the agreed period of time.

Credit card interest rates are currently on the rise. The amazing deals that were once on offer pre-2018 seem to have dissipated and there are only a few major credit card providers that are able to provide low interest interest rates on purchases. Here at ELMAG finance we will be watching the market closely and will be reporting back on any significant trends in credit card interest rates.