Buying a Car While in Debt

Image supplied by Krissi Sandvik

A car is an important asset to have, especially if you have to commute a fair distance to get to work. Let’s say for instance that you owned a second hand uninsured vehicle and that vehicle decided one day to break down.

The price of repairing your vehicle is not only too much, but you have various other debts and accounts that need to be paid off before you even consider salvaging your car.

What do you do?

READ MORE to find out.

Buying a Family Home

Image supplied by pnwra

Buying a home for your family can be a difficult process that not only requires a lot of financing, but most often involves your emotions too. It will be the place that you will raise your kids for many years, so it’s important to make a good investment and find a property that suits all your basic needs.

READ MORE to gain a small insight into what some people look for when choosing a family home.

How to Use a Home Loan Calculator

Image supplied by Images_of_Money

For many first-time home buyers, it is often a difficult game in knowing all the financial requirements that go into applying for your first mortgage.

A home loan calculator makes things easier by determining what size of mortgage you qualify for based on roughly 30% of your monthly gross income and your total net surplus income, the size and duration of your monthly repayments and also how your repayment amount and duration can be modified by supplementing your monthly repayments with additional funds.

READ MORE to find out how to use a home loan calculator.

Loan Sharks - What you should know

"A loan shark is a person or body that offers unsecured loans at illegally high interest rates to individuals, often enforcing repayment by blackmail or threats of violence" - Wikipedia

We have all heard of the concept of under-the-table money lenders, seeing them in the movies as those ruthless thugs who will break your legs if you fail to pay back your dues to them.

People generally turn to this informal means of money lending as they have become desperate due to high financial debt and being denied personal loans by their merchant bank.

READ MORE to find out about a few interest pointers and statistics about loan sharks.