{"id":6896,"date":"2021-11-14T13:27:58","date_gmt":"2021-11-14T18:27:58","guid":{"rendered":"https:\/\/pierreroy.com\/?p=6896"},"modified":"2021-11-14T13:28:19","modified_gmt":"2021-11-14T18:28:19","slug":"6-tips-for-borrowing-money-wisely","status":"publish","type":"post","link":"https:\/\/pierreroy.com\/en\/2021\/11\/6-tips-for-borrowing-money-wisely\/","title":{"rendered":"6 Tips for Borrowing Money Wisely"},"content":{"rendered":"

Borrowing money isn\u2019t as nefarious a thing as people seem to think. In fact, it can even be beneficial \u2014 if done right. When borrowing money, it’s important to keep a few things in mind in order to ensure that you\u2019re not digging yourself into a hole. Below are a few tips and tricks to help you manage your loan effectively.<\/p>\n

1. Say \u201cno\u201d to variable rate loans<\/h2>\n

If you\u2019re already in a precarious financial situation, it\u2019s best to avoid variable rate loans<\/a> at all costs. Although there might be some upfront benefits to them (like low interest rates at the start of the loan period), they\u2019re too unpredictable and risky. It\u2019s always best to know exactly what you\u2019re getting yourself into, so that you\u2019re able to budget accordingly.<\/p>\n

2. Don\u2019t worsen your debt with more debt<\/h2>\n

It goes without saying that borrowing more than you can afford to pay is unwise. Similarly, borrowing money in order to pay off another debt will only serve to lighten your worries temporarily. But don\u2019t fall into this trap \u2014 it will only worsen your situation in the long run. If your debt-to-income ratio<\/a> is anything over 50%, it\u2019s high time you reconsider your options. Either revise your budget or book an appointment with a Licensed Insolvency Trustee.<\/p>\n

3. Pay off more than just the minimum payments each month<\/h2>\n

This may seem like an obvious tip, but you\u2019d be surprised by how many people neglect to do this. Although only paying the minimum payments isn\u2019t going to negatively affect your credit score, putting a little extra cash towards your loan will mean that you\u2019ll be paying less interest down the line. This doesn\u2019t mean that you should double the minimum payment on your loan per month, but it would be beneficial to put whatever extra cash you have left over from your budget<\/a> towards your debt.<\/p>\n

4. Always read the fine print and negotiate<\/h2>\n

It may seem like you\u2019re getting a really good deal, but you\u2019d be surprised by the number of times people get themselves into trouble only because they didn\u2019t read the fine print of their agreement. Always ask questions, and if you don\u2019t fully understand the agreement, contact a professional. It would also be extremely beneficial to negotiate your terms by asking for a lower interest rate so that you\u2019ll pay less in the long run<\/a>.<\/p>\n

5. Only aim to use 35% or less of your total available credit<\/h2>\n

This is a tip that not many people are even aware of. After all, if you\u2019re offered a certain amount of credit, why shouldn\u2019t you be able to use most, if not all of it? Little do people know that using over 35% of your total available credit can have a negative impact on your credit score<\/a> because it tells loaners that you\u2019re in a precarious financial situation. So if you\u2019re trying to improve your credit score, think again before adding another purchase to your credit card!<\/p>\n

6. Don\u2019t hesitate to ask for assistance<\/h2>\n

Borrowing money, if done correctly, can have some benefits. It can help you build up your credit score, or even increase your net worth. But if done incorrectly, it can have serious effects on your financial health as well as your mental health. That\u2019s why if you feel like you\u2019re stuck in a situation in which you can only handle your current debt with more debt, ask for help as soon as you can.<\/p>\n

By contacting a Licensed Insolvency Trustee<\/a> (LIT), you can be sure that you will find the relief you need. An LIT will assess your finances and come up with the best solution<\/a> for your personal situation.<\/p>\n

The sooner you get help, the faster you will be able to get a fresh start without the burden of debts weighing on you.<\/strong><\/em><\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Borrowing money isn\u2019t as nefarious a thing as people seem to think. In fact, it can even be beneficial \u2014 if done right. When borrowing money, it’s important to keep a few things in mind in order to ensure that you\u2019re not digging yourself into a hole. Below are a few tips and tricks to […]<\/p>\n","protected":false},"author":17,"featured_media":6895,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45],"tags":[224,301,300,152],"class_list":["post-6896","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-budget-tips","tag-credit-en","tag-debt-level","tag-debt-ratio","tag-loan"],"acf":[],"yoast_head":"\n6 Tips for Borrowing Money Wisely - Pierre Roy & Associ\u00e9s<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pierreroy.com\/en\/2021\/11\/6-tips-for-borrowing-money-wisely\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"6 Tips for Borrowing Money Wisely - Pierre Roy & Associ\u00e9s\" \/>\n<meta property=\"og:description\" content=\"Borrowing money isn\u2019t as nefarious a thing as people seem to think. In fact, it can even be beneficial \u2014 if done right. When borrowing money, it’s important to keep a few things in mind in order to ensure that you\u2019re not digging yourself into a hole. 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