TOP TWO SCHEMES TO BAIL YOU OUT OF HUGE CREDIT LOANS
Because the wheel of cost of living and pay scale is never constant, loans come as a one-stop in bridging the gap. And herein, credit cards present an undeniable option of borrowing money that can be repaid at a later date. Besides, credit cards do present the flexibility of getting instant loans at the time of need when you are facing a dearth of money. But as we all know every situation has its pros and cons. Studies have shown how there has been an increase in the outstanding loans that are taken through credit cards. While one does take a loan and get it instantly, paying the monthly interest charges and instalments has been a primary cause for people facing high debt.
But as the saying goes, every cloud has a silver lining, apart from higher charges there also exist schemes that are solely designed to beat the financial crisis. These schemes make it viable for borrowers to repay their loans without adding on to debt by providing immediate cash flow. So, what are these schemes that aim at bailing us out of the crisis? Check them out the top two below:
Remortgage
Remortgage surely allows you to lower your additional interest scale on credit cards. But on the con side, it deems to be an expensive way out where borrowers face a higher fee for early redemption. With this option, you as a borrower can transfer your mortgage to another bank in addition to changing your agreement. So only opt for this if you are ready to shell out a little more.
Poor Credit Loans
A blessing in disguise for those who are recently declared bankrupt or are unable to pay back their outstanding loan. You can opt for two types of poor credit loans namely secured and unsecured. While in the former you will have to offer collateral, the latter covers a lower principle without the backing of security.
However, do enquire with your agent and bank well before opting for either that will bail you out of high debt.
