Loans and borrowing money
There was a piece of new in one of our local dailies that a family of 5 was burnt to death recently. Rumors has it that the house owner borrowed some money from many unlicensed moneylenders and he couldnt repay the loans. Many now say that one of the moneylenders must have gotten furious and went to his house to burn it down. Unfortunately, the houseowner wasnt around. His family perished in the pre-dawn fire instead. Isnt it sad. Isnt he stupid.
We often read about these kind of newsbut how come people are still borrowing from them. Dont they know better that it’s much better to borrow from banks. Now that interest rate rises are becoming increasingly high, it is also the best time to borrow money and lock in a rate. I read that unsecured debt is highest amongst people in their early thrities. Maybe it is because they love to spend as if there’s no tomorrow. These people really need financial help.
At thriftyscot.co.uk, i found two articles that can be of great help to those in debt. They are “Debt help for high risk borrowers“, and “Why are debt conscious homeowners going bankrupt?“, I seriously hope that you’ll take the time to read them through and learn something fom it.