There’s some good news for graduates who have student loans taken out since 1998 – interest rates charged on the loans are dropping thanks to the recent Bank of England rate cuts.
I recently came across the term snowflaking – a method for repaying your debts – which I’d never come across before, so I thought it, and the related snowballing method, warranted a little investigation. To explain snowflaking we first need to understand the concept of snowballing your debts, where snowflaking stems from. Snowballing is often […]
We’ve discussed the decision to leave or pay off your student loans before, and although the answer generally used to be “it’s the cheapest debt you’ll ever get into, don’t repay it until you’re forced to”, things have changed recently. The interest rate on student loans, which used to be a measly 2.4%, has recently […]
Brad Ford made a great point on my previous post about whether to pay off your student loan or not: Without factoring in risk, paying off the student loan is an easy decision. Unfortunately, life is not without risk. Two months after you pay down the loan, you absolutely must have $1,000 for an emergency. […]
Like many, I left university with some debt. I’m probably one of the lucky ones though, as it wasn’t a huge amount, compared with the average figures that students are accumulating these days, plus all of my debt was in student loans – no overdrafts, credit cards etc. I’ve been wondering recently whether I should […]
Wonga is a relatively new service which promises that it will give you access to “the fastest, most convenient and best value small loans available in the UK”. With Wonga, you’re able to take out loans of between £200 and £1,000, and you’ll have up to 30 days to pay it back. If you don’t […]
Simple Pound has a good write-up on how Zopa works which is worth a read.
A recent survey by Fool.co.uk highlighted how we do not trust our banks with our money.
A post at UKMoneyPot states that the 14 day cooling off period you receive when buying many types of financial product, such as loans, insurance and credit cards, also applies when your policies “auto-renew”. For example, as with many insurers, if your car insurance renews automatically each year, you still have 14 days from the […]
Interest rates have been kept at 5.25% for this month, although there are still thoughts that rates will rise again in the next few months. But how do interest rate changes affect the average person? I’ll explain in very simple terms: When rates fall, there is less incentive for people to save their money – […]