Can you afford to Borrow Money?
Here is a checklist to follow before you borrow money. This might help you make the decision whether you can afford to borrow or not….
1. Can you pay back the full loan plus the interest rate?
2. Have you shopped around for the best interest rates? ie. bank/credit unions interest rates vary.
3. If you are employed when taking out this loan, can you still afford this debt if you lose your job? Can you meet full repayments should you end up claiming social welfare?
4. Can you live off the remainder of your wages after making this repayment every week/month?
5. Should you have a change in your circumstance, for instance you have an unplanned pregnancy, or perhaps you fall ill, can you meet repayments and still live off the money you have left?
These are only a few suggestions that need to be taken into consideration when borrowing money.
If you have debts of over €36,000, contact us today on 0402 29376 ext 1 and we can try apply for a Debt Settlement Arrangement on your behalf.
