When borrowing money, it’s important to get informed about the risks and benefits of different types of debt.
As a starting point, it can be helpful to calculate the interest repayments over the lifetime of a loan. This can provide an honest and true representation of how much borrowing money can really cost. Then working out if it is worth borrowing to pay for what you would like to buy.
If you already have debts and are struggling to pay these off, there are ways to get on top of your finances. Talking to an independent and free service like Way Forward, a financial counsellor or community legal service can be a good starting point.