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June 2017

The Pros and Cons of Debt Consolidation

It’s easy to collect credit cards and buy on hire purchase. But along the way, you could find you have collected a whole mountain of debt. If you are also struggling to make the minimum repayments on time, the additional fees can mean your level of borrowing quickly escalates.

A “debt consolidation loan” is one option to consider when you need to get your debt under control. However you need to go into it with your eyes open because these sort of loans have their disadvantages as well, and can even head you down the path to facing debt collection agencies NZ wide.

A debt consolidation loan combines multiple debts into one. If you’ve built up a debt on a number of high-interest loans, combining them onto one lower rate can give you the breathing space you need to really attack the debt and get it down.

The advantages of debt consolidation are that you have one single payment a month and can budget more easily. You may also get a lower interest rate, or the debt can be spread over a longer period, giving you lower monthly outgoings.

But be careful not to think of debt consolidation as a magic bullet that will solve your debt problems. By adding the debt to your 30-year mortgage, for example it’s easy to end up paying more in interest in the long run.

It can also be difficult not to keep falling back into bad borrowing habits. When you add a relatively small loan to your large mortgage, it can seem to reduce the loan’s significance, making it easy to forget and even to continue borrowing. Consolidating your debt can be a good option in some circumstances but it’s also a really good idea to get budgeting advice at the same time.

Credit Records – The Good and the Bad

Your credit record may be more important than you think. Information about your history regarding credit, debt, and repayment is being updated all the time and could have a big impact on you.

Bad credit ratings happen to people in all walks of life. Missing a few payments on the house, car, power or phone bills can stop you moving ahead financially. A bad credit record can not only affect your ability to borrow money again, it can even make it hard to sign up for phone or power services.

A credit reporting agency is allowed to disclose your credit report to debt collection agencies, people involved in court proceedings against you, and certain government agencies, without requiring your consent.

The good news is that there are ways to recover from a rough financial patch. Bad credit cannot be undone but with comprehensive credit reporting, borrowers can see if you’re on top of your commitments again even if you’ve been through some difficulties in the past.

If you have been through some financial hardship which is impacted on your credit record, there are some tips to help get your financial situation back in control:

  • Keep track of your payments.
  • Only apply for credit when you really need it.
  • Pay off any defaults, and
  • Work with your creditors.

If you can show that you have arrangements with your previous creditors and are keeping to them, it will help other credit agencies look more favourably on your situation.

Everyone ought to check their credit files regularly, especially if you’re considering looking for credit. There are three credit reporting companies in New Zealand so if you want to check your record, you need to contact them all. And remember, you are entitled to free access to your own information.

Viagra alternatives works better

Last week, the United States equivalent to the Medical Products Agency, FDA, approved a new drug - Addyi (flibanserin 100 mg). The Sprout Pharmaceuticals supplier certainly cried up a bottle and journalists around the world wrote about this little pill. For Addyi is not any pill, it's the long-awaited pink Viagra.

Thus, a medicine that is expected to revolutionize women's most common sex problems (low lust) in the same way as Viagra revolutionized men's most common sex problems (erectile dysfunction) when it came in 1998. And clearly everyone wants to rewrite pink Viagra, everyone wants to rewrite sex, especially when It gets a nice scientific setting.

The subject of Pink Viagra comes up in the media on a regular basis and the conversation follows about the same pattern. In one corner, cheerful insistence that science can finally be close to finding the key to women's sex drive. In others, one and another feminist chronicle concludes that women may not want to lie because they take the main responsibility for the home and the children. The fascinating thing is that in the middle of the conversation about sex and science is the obvious few who actually talk about science.

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