Reducing interest on loans:
Again home work is required, shop around. Surf the internet, jot down details of TV adverts or scour the press and magazines. Look for competetive rates and try to secure them. Be wary of companies who promise the earth and say they will lend to anyone whatever their circumstances, also be wary of companies who charge set up fees or have premium line application procedures. You will often end up paying higher interest rates or worst still get no loan at all but find yourself out of pocket.
So often we have seen people applying to the smallest ad in the paper before going to their own bank or the high street for loans
If you have a loan with your own bank that was taken out at a higher rate ask whether you can re-finance at a better rate. Don't be afraid to ask, the worst your bank can say is no,if they look like losing your business to another financial institution they may well surprise you with a yes!
You have to do your homework! When you are due to finish on your introductory rate, you will need to start shopping around for better rates, these can be found on the internet, in newspapers and magazines or through TV advertising. In the event that you can’t get a better rate and are finding it difficult to keep up with your repayments, don’t be scared of contacting your credit card company and explaining the situation, before contacting them it is advisable to work out what you can afford and ask if they will reduce the interest voluntarily, you may be surprised!
