How To Let Your Personal Finances Sort Themselves Out
The title of this article goes against pretty much everything that personal finance writers ordinarily stand for
.
You are meant to worry at your personal finances according to these people: sort them out, budget them, generally check them at almost very possibly opportunity but never just leave them to their own devices.
And yet, and yet: life creeps in. Personal finance, as even some of its most ardent fans will surely admit, is an unforgivably dry and boring subject and there are much more important demands on nearly everybody's time.
Demands like spending time with family, indulging in hobbies or just relaxing or even, and here the personal finance community will surely agree, actually doing those things which people will pay us for and will help to increase the amounts in the bank accounts we're worrying about in the first place.
So how can you let your personal finances sort themselves out? Can you?
Of course, you can. This is a common dilemma of consumers when they compare credit cards.
Inevitably with this type of product there is an easy version which may cost slightly more and a more tricky version.
For example, say you're looking to reduce a high interest credit card debt. It's tempting to pay back more, more quickly with a 0% offer and avoid interest altogether.
In many cases, this is a very good idea. However, it's not a good idea when it comes to large debts and high expectations.
Attempting to pay off a lot more than you would normally in a small amount of time often results in the 0% offer ending and the credit card holder going back to square one.
In this case, they would have been far better of taking a small hit of interest going for a life of balance transfer credit card and making payments automatically by direct debit until the balance is paid off in full.
This is also true when we compare personal loans. Although those loans which last a fixed term are generally frowned upon - we could never pay back early and avoid some interest should we want to - the chances of our paying back in this way are slim and the penalty for not having a fixed term, which could be paid automatically in any case, are higher in terms of interest.
This can even be done when one takes the time to compare current accounts.
Those accounts with a good online banking facility are likely to make it more easy to automate payments and move them around without you even having to go into the bank and subsequently check that they've done what you asked of them.
by: Julia Cook
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