Things to Consider When Taking on Credit
December 2nd, 2011 . by adminBuying a property to live in is usually for most of us the most expensive outlay we will ever make. Although our home is also an investment, care has to be taken to ensure we don’t overstretch our finances, otherwise we could find ourselves in debt, and even risk losing our home. When taking on credit it is wise to consider the future. If the interest rates are currently very low, what would happen to our repayments if those rates went up by just a few percentage points? Could we still afford the mortgage? Although no one can predict the future with any certainty, are we reasonably confident we will still have a job in say 6 or 12 months time? Is our income variable, particularly if we are self-employed? If so will we have sufficient money in the lean times to pay our bills?
