Credit Crunch Proof your Finances
November 29th, 2008 | by abigail |The Global Credit Crisis seems to claim a new victim everyday, it started with the banks Northern Rock, HBOS and RBS amongst others now its retail the two highest profile victims being Woolworths and MFI. Who’s next?
Heres some tips to credit crunch proof your finances and make sure you don’t go the same way as the above, the first thing you might want to do is make sure your credit rating is in good order.
Your credit rating is how potential lenders assess the risk of giving you cash. Having a bad credit rating can cost you more in interest payments and might even lead to you getting refused a loan when you need it Check your credit rating for free make sure its in good order.
The next thing you might want to do is make sure you have all the cash thats owed to you, reclaim any ppi you where mis-sold and get back those credit card charges, you could also investigate whether the tax man owes you anything.
Equity release is becoming a popular way of getting some money out of your house without moving, its not just for the retired, if things are getting really tough you might want to read this guide on how to cope with Mortgage arrears.