MyLoan Personal Loans
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MAKING NEWS
Tue, 11 November 2008
Market crash - what it means for you
...The Reserve Bank shock 1 percentage point interest rate cut was a bid to free up credit and put a bit more cash in consumer’s pockets.
But retailers report consumers have stopped spending – and consumer sentiment, a measure of confidence in the economy – is back at 1992 recession levels.
The number of housholds in mortgage stress -800,000- is five times higher than last March, according to the latest JP Morgan and Fujitsu survey.
In the case of a sharp global downturn or fall in house prices, highly indebted Australians who borrowed heavily to buy a home they assumed would always rise in price will be hit hard.
Woodward Nhill Financial Planning's Mr Bilson recommends paying down debt.
"You’ve got to get rid of the debt," he says.
"Definitely credit card debt should be the first thing to go. Then the personal loan," he says, since they charge high interest and no tax advantage.
"While times are uncertain, get rid of your non-deductible debt so if you lose your job or the market turns suddenly, you’re not standing out there wondering how on earth you live." Source: News.com.au
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18 Personal Loan Tips For Intending Borrowers If you arere thinking of borrowing money to buy a car, boat, debt consolidation, home repairs, medical bills or anything else for that matter, here are some red hot tips to make the process much, much easier ... more
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When should I use a personal loan?
Unsecured personal loans are designed to be undertaken without the need to secure the loans against collateral, such as a property or a car. This makes unsecured personal loans ideal for people who do not own their own home and for people who have no other type of collateral to secure personal loans against ... more
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